According to 10x Research, Bitcoin has triggered its first bull market signal as of May 2026, with the research firm turning bullish a month ago. The firm noted that Bitcoin has recorded two consecutive months of positive returns, while ETF inflows have accelerated. Despite low trading volumes and persistent negative funding rates, 10x Research highlighted that most traders remain sidelined or bearish. The research firm emphasized that bear market reversals are signaled by improving technical indicators and risk-reward ratios rather than macro headlines, and pointed out that trader sentiment has improved but position adjustments have lagged.
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