10x Research has released a new analysis highlighting the need to differentiate between Bitcoin's short-term tactical structure and mid-term trend background. According to Odaily, the report suggests that while some trading opportunities are emerging, the market must evaluate the risk-reward ratio based on positions, volatility, ETF fund flows, and technical indicators to avoid mistaking a temporary rebound for a trend reversal. The report also mentions a previous trading strategy around Circle that achieved approximately 55% returns within 10 days. 10x Research indicates that it will assess whether the current movement is part of a bottoming process or a rebound within a larger adjustment phase through derivatives positions, volatility structure, and fund flow data