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Fidelity executive: Bitcoin is approaching a long-term "Power Law" support level, still lacks a reversal catalyst.

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ME News, July 3 (UTC+8), Jurrien Timmer, Global Macro Director at Fidelity Investments, stated that Bitcoin is approaching the long-term Power Law model support level, which may face a key technical test. Currently, the model's support line is at $58,237, while $60,000 is seen as an important psychological and technical level. In addition, Jurrien also pointed out that due to slowing global liquidity growth and speculative funds continuing to flow into risk assets such as tech stocks, Bitcoin still lacks sufficient macro catalysts to drive a trend reversal. Although this model support level has historically served as a market bottom multiple times, Bitcoin may still oscillate in this area for some time, waiting for a more favorable macro environment to drive a new round of upside. (Source: BlockBeats)
BTC0.62%
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