Bitcoin (CRYPTO: BTC) is edging closer to $65,000, but the line in the sand remains $63,000, according to the latest 10x Research report.

Why $63,000 Matters

10x Research described $63,000 as a "binary level," arguing that which side Bitcoin ultimately lands on could significantly shift market sentiment.

Bitcoin spent roughly six months consolidating around $60,000 ahead of the 2024 U.S. presidential election. President Trump’s victory helped propel it from around $70,000 to $90,000.

In its report on Aug. 18, 10x Research noted there was relatively little turnover between $70,000 and $90,000 during the rally. That lack of supply previously left Bitcoin vulnerable to a rapid decline once it fell below $93,000, with limited support until the mid-$60,000s range.

The market has now spent another six months consolidating around $60,000.

However, 10x Research said the distribution of coins changing hands has shifted significantly during that period. Thus, making the current range far more important for Bitcoin’s next major move.

Is Bitcoin Showing Seller Exhaustion?

In a panel discussion with Scott Melker on Aug. 17, analysts pointed to Bitcoin’s resilience near $64,000 as a potentially constructive signal.

Despite negative headlines, weak retail speculation and diminishing BTC purchases from Strategy (NASDAQ:MSTR), the crypto king repeatedly resisted further downside.

Galipeau, a strategist at Franklin Templeton, noted that markets can begin turning when increasingly negative news stops producing additional selling pressure.

That could point toward seller exhaustion and a developing bottom.

Could Macro Spoil Bitcoin’s Bottom?

The broader backdrop remains mixed. Galipeau remains constructive on equities and potential productivity and margin benefits from artificial intelligence.

Still, slowing earnings growth and seasonal weakness could increase volatility in September and October.

Mike McGlone is more cautious, highlighting rising long-term Treasury yields as a potential threat to Bitcoin, stocks and commodities.

He argued that a roughly 10% stock-market correction could drag Bitcoin lower. Meanwhile, simultaneously easing inflation pressures will be enough to alter the Fed policy outlook.

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