Fidelity executive: Bitcoin is approaching its long-term "Power Law" support level, but still lacks a reversal catalyst
BlockBeats reports that on July 3, Fidelity Investments Global Macro Director Jurrien Timmer stated that Bitcoin is approaching the long-term Power Law model support level and may face a key technical test. Currently, the model's support line is at $58,237, while $60,000 is regarded as an important psychological and technical threshold.
Additionally, Jurrien pointed out that, due to slowing global liquidity growth and speculative capital continuing to flow into tech stocks and other risk assets, Bitcoin currently lacks macro catalysts strong enough to drive a trend reversal. Although this model’s support level has historically often marked market bottoms, Bitcoin may continue to fluctuate in this region for some time, awaiting a more favorable macro environment to trigger a new round of growth.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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