Data compiled by Woofun AI shows that 10x Research has disclosed a new market report challenging prevailing views on global liquidity indicators. The firm argues that traders have historically misread these metrics, whereas the US dollar's trajectory remains a primary driver of Bitcoin's price action. Currently, the dollar is strengthening across multiple dimensions, a condition that historical data correlates with negative performance for Bitcoin.

The report highlights that 10x Research's proprietary dollar model has generated only six sell signals since 2011, with the most recent instance occurring in November 2025, which preceded months of sustained price declines.

Additionally, the widely cited global liquidity indicator triggered a buy signal in early March and an exit signal in late April of this year. By integrating dollar movements, global liquidity, and other macro factors, the analysis suggests the time window for this cycle's bear market low is nearing.