10x Research: The recent Bitcoin rebound may be due to airdrop replenishment before the CPI announcement

10x Research posted that on July 6, when the Bitcoin trading price was $56,746, they had suggested taking a tactical bullish position, predicting that a rate cut rebound could push Bitcoin up to around $60,000. Yesterday, due to short covering before the CPI announcement, Bitcoin bounced back to $59,350 which met the rebound expectations. This week's CPI report is complex because expected declines have already led to a short-covering rise of +5%. Trading based on data releases and events requires an in-depth understanding of constantly changing market expectations and positions. Large-scale fluctuations depend on unexpected factors as well as traders' positioning.