Bitcoin Approaches $58,237 Power Law Support, Lacks Bullish Catalysts: Fidelity

BTC1.33%
According to U.Today, Fidelity's global macro director Jurrien Timmer said on July 3 that Bitcoin is approaching its power law model support at $58,237, though the current macro environment lacks bullish catalysts for trend reversal. Timmer noted that speculative capital is rotating away from alternative store-of-value assets toward high-flying tech stocks, and he remains cautious about calling an immediate bottom, suggesting Bitcoin may consolidate near support levels until macro conditions improve.
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