Fidelity executives: Bitcoin is approaching long-term PowerLaw support and still lacks a reversal catalyst

Jurrien Timmer, global macro director at Fidelity Investments, said that Bitcoin is approaching long-term PowerLaw model support or facing a key technical test. The model's support line is currently at $58,237, while $60,000 is seen as an important psychological and technical barrier. In addition, Jurrien also pointed out that due to the slowdown in global liquidity growth and the continued flow of speculative funds to risky assets such as technology stocks, Bitcoin still lacks a macro catalyst sufficient to promote a trend reversal. Although the model support level has become the market bottom many times in history, Bitcoin may still remain volatile in the region for some time, waiting for a more favorable macro environment to drive a new round of gains.