Bitcoin Breaks Above Short-Term Moving Averages with Dominance Above 60%

Markus Thielen, founder of 10x Research, has observed that Bitcoin's recent price movement suggests a positive trend. According to ChainCatcher, Thielen noted that Bitcoin has broken above its 7-day and 30-day moving averages, indicating a short- and medium-term bullish trend.

The market has experienced some consolidation following the break above the averages, but this is seen as a normal response to institutional buying and growing corporate treasuries increasing their Bitcoin holdings. This confidence boost is further reinforced by the fact that Bitcoin's dominance remains above 60%, causing some altcoins to establish a bottom.

Specifically, Thielen pointed out that privacy coins and projects related to RWA infrastructure are worth special attention as they quietly build on fundamental factors. Additionally, market news such as hints from White House advisors about an upcoming announcement on national strategic reserves are further reinforcing the bullish sentiment.