Fidelity's Jurrien Timmer Expects Bitcoin Sell-Off to be Short-Lived

Bitcoin has experienced a 7% decline in the past week due to the impact of the recently approved BTC ETF. However, Fidelity's Director of Global Macro, Jurrien Timmer, believes that the sell-off will not continue for much longer. Timmer expects a short-term positioning adjustment rather than a long-term trend reversal, and predicts consolidation of recent gains. Despite the stall in the rally, many asset managers still have a significant net long position in the bitcoin futures market, and Bitcoin's 50-week simple moving average has crossed above its 200-week average, suggesting a long-term bullish market.