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.
You may also like
BoE’s Greene says it is appropriate to proactively tighten our monetary policy stance
CoreWeave plans to issue at least $4 billion in investment-grade loans, falling nearly 6% after hours
According to Bloomberg, CoreWeave is seeking to refinance at least 4 billion USD through an investment-grade loan, led by Morgan Stanley and Mitsubishi UFJ, with a syndication roadshow expected to start as soon as next week. This financing continues the structure of using Nvidia chips and customer contracts as collateral, with the yield on the issuance anticipated to be around 7% to 7.5%, much lower than its junk bond yield. Following the news, CoreWeave's shares fell nearly 5.8% after hours.
Outperformed the S&P by 19.2 percentage points in one month: Berkshire (BRK.B) achieves its highest monthly relative advantage since 2010, second only to the 2008 financial crisis
As the AI trading boom subsides and technology stocks waver, one of the market’s oldest “safe havens” has once again proven its value. Berkshire Hathaway (BRK.B) has just recorded one of its most notable relative gains in over a decade.
Crypto prices
More
