Bitcoin is nearing a power law support line Fidelity has tracked since 2015

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Bitcoin is approaching the lower support line of a power-law price model tracked by Fidelity since 2015, with the support line near $58,000 and the current price around $62,700. Fidelity’s Jurrien Timmer notes that this support level has historically marked major bottoms, but he is not yet calling a bottom, anticipating Bitcoin may drift sideways for months without a liquidity catalyst. Speculative capital has rotated from Bitcoin to gold and is now moving into semiconductor stocks, reflecting a shift in investor focus amid slowing global money supply growth.