BlockBeats news, on July 3, Fidelity Investments' Global Macro Director Jurrien Timmer stated that Bitcoin is approaching the long-term Power Law model support level, potentially facing a key technical test. The current model support line is at $58,237, while $60,000 is regarded as a significant psychological and technical barrier.
In addition, Jurrien noted that Bitcoin currently lacks a macro catalyst strong enough to reverse the trend, due to slowing global liquidity growth and continued speculative capital flowing into risk assets such as tech stocks. Although this model’s support level has historically served as a market bottom, Bitcoin may remain range-bound in this area for some time, awaiting a more favorable macro environment to drive the next upward move.