In its market analysis, 10x Research says that interpreting trends is particularly challenging at a critical time in economic and financial marekt, as old narratives are called into question and new ones take shape. During this time, traders and investors must pay close attention to market signals. It is crucial that we recognize that markets tend to focus on one dominant narrative before shifting their attention to the next topic. Understanding this dynamic is essential to effectively following market transitions. Following the sale of BTC at German addresses at the end of June, market concerns turned to upcoming payouts from Mt. Gox in early July. The story took a dramatic turn with the attack on Trump, and his subsequent selection of bitcoin holder JD Vance as his vice-presidential candidate. With the odds of Trump's election skyrocketing to 70%, the price of bitcoin is closely tied to these political developments. However, this momentum came to an abrupt end when President Biden announced his withdrawal from the 2025 US presidential race on July 21. After the discussion of Bitcoin's strategic reserve emerged, Bitcoin once again broke through the $70,000 mark, which raised high expectations for Trump's speech at the Bitcoin Conference in Nashville. Unfortunately, the speech did not live up to the hype. Bitcoin's rally ended when the US government moved $2 billion worth of Bitcoin. The trading range of 60,000 to $70,000 has remained stable, but a major shift in this range is coming.