Bitcoin traded around $61,209 as a strengthening U.S. dollar and shifting Fed policy created headwinds for crypto assets. According to 10x Research, the world's largest cryptocurrency could test $55,000 before finding support.
The pressure stems from two macro forces colliding. A stronger dollar typically drains liquidity from alternative assets, including crypto. At the same time, the Federal Reserve's new chair Kevin Warsh has signaled a more hawkish approach to monetary policy, which could extend the period of tighter financial conditions.
10x Research flagged the combination as a structural risk rather than a short-term technical dip. The firm's analysis suggests crypto markets may struggle to build conviction above current levels until at least one of these tailwinds reverses. Traders often treat a 10% move in either direction as a meaningful test of market structure, and $55,000 would represent that kind of drawdown from Bitcoin's June levels.
The timing matters. Summer historically sees lower trading volumes and less institutional participation, which can amplify price moves during periods of macro uncertainty. That thin-volume backdrop could make the slide sharper if selling pressure accelerates.
No specific timeline for a bottom emerged from 10x Research's note, and crypto markets have confounded short-term price calls before. Still, the firm's framing suggests traders should prepare for volatility rather than expect a smooth uptrend until Fed policy or currency markets shift course.