PANews reported on June 16 that 10x Research said that the overall market environment for Bitcoin is getting better. With rising oil prices, stable bond yields, and cautious signals from the Federal Reserve, Bitcoin's appeal is gradually increasing, and funds from some Altcoins (such as ADA and DOT) may be shifting to Bitcoin.

Currently, the price of Bitcoin fluctuates slightly around $106,000, and continued sideways trading may accumulate strength for future breakthroughs. On-chain data shows that as long as the price remains above $100,437, the adjustment is not expected to be too large.

Although Federal Reserve Chairman Powell's neutral attitude and seasonal factors may keep Bitcoin volatile in the short term, in the medium and long term, an important market signal has turned bullish, which may lay the foundation for Bitcoin's subsequent rise.