10x Research published an article on its X platform stating that Bitcoin's current price movement is not primarily driven by negative news such as the Middle East conflict, but rather by changes in market positioning. The market's positioning structure has undergone significant adjustments over the past two weeks, and these changes are gradually incentivizing traders to push Bitcoin towards its next phase. A Bitcoin options trade recommended by the firm two weeks ago has already realized a return of approximately +72%, and the technical structure continues to strengthen. Recently, the market has seen a series of attractive risk-reward signals. Although some traders remain puzzled by Bitcoin's resilience in the face of negative news, the market's sensitivity to news flow is decreasing, while its reaction to positioning, fund flows, and market structure is increasing. By focusing on positioning, fund flows, and technical signals, rather than solely relying on news events, investors may be better able to predict Bitcoin's next move and make corresponding adjustments.