🚨 Bitcoin is showing signs of strength again! 📈💰
After briefly slipping below $58,000, Bitcoin has bounced back and is now trading around $61,600, leaving many investors wondering if a larger recovery is finally underway. 👀
However, Jurrien Timmer, Global Macro Director at Fidelity Investments, believes the market still needs one crucial ingredient before a genuine bull trend can begin. 🌍
According to Timmer, fresh global liquidity is essential for Bitcoin to break into a sustainable uptrend. Without additional capital flowing into financial markets, any rally could struggle to maintain momentum. 💵⚡
His analysis, based on the Power Law model, highlights the $60,000 region as a major technical and psychological support level, while the model places deeper support near $58,237. 📊
Timmer pointed out that previous bear market bottoms in 2015, 2018, and 2022 all developed close to this long-term support zone, making it an area worth watching closely. 📉➡️📈
Even so, he cautioned that the strong speculative momentum that fueled earlier rallies has largely faded. Until global liquidity begins expanding again, Bitcoin may find it difficult to push beyond its long-term trendline. 🚧
For now, Timmer expects the market could spend some time moving sideways before a stronger bullish reversal has the foundation it needs. ⏳🚀
#BTC #bitcoin
$BTC
After briefly slipping below $58,000, Bitcoin has bounced back and is now trading around $61,600, leaving many investors wondering if a larger recovery is finally underway. 👀
However, Jurrien Timmer, Global Macro Director at Fidelity Investments, believes the market still needs one crucial ingredient before a genuine bull trend can begin. 🌍
According to Timmer, fresh global liquidity is essential for Bitcoin to break into a sustainable uptrend. Without additional capital flowing into financial markets, any rally could struggle to maintain momentum. 💵⚡
His analysis, based on the Power Law model, highlights the $60,000 region as a major technical and psychological support level, while the model places deeper support near $58,237. 📊
Timmer pointed out that previous bear market bottoms in 2015, 2018, and 2022 all developed close to this long-term support zone, making it an area worth watching closely. 📉➡️📈
Even so, he cautioned that the strong speculative momentum that fueled earlier rallies has largely faded. Until global liquidity begins expanding again, Bitcoin may find it difficult to push beyond its long-term trendline. 🚧
For now, Timmer expects the market could spend some time moving sideways before a stronger bullish reversal has the foundation it needs. ⏳🚀
#BTC #bitcoin
$BTC