Fidelity: Bitcoin is approaching the Power Law model support level of $58,237, but the macro environment lacks bullish momentum

CoinFeed July 3 news, according to U.Today, Fidelity Investments Global Macro Director Jurrien Timmer stated that Bitcoin is approaching its Power Law model support line at about $58,237, but the current macro environment lacks bullish catalysts and trend reversal is not yet clear. Timmer pointed out that speculative hot money is shifting from alternative stores of value to high-flying tech sectors. Bitcoin's Power Law support line has historically acted as a mathematical safety net multiple times: in 2015 Bitcoin fell to $230 while model support was $252, in 2018 it dropped to $3,204 while support was $2,521, and in 2022 the bottom was $16,366 while support was $15,006.