Bitcoin has approached the lower support line of the Power Law model that Fidelity has been tracking since 2015. Currently, this support level is around $58,000, while the upper limit of the model is approximately $120,000.
Jurrien Timmer, Director of Global Macro at Fidelity, referred to this area as an accumulation zone. He did not confirm that the market has reached a bottom and noted that without a catalyst in the form of liquidity returning to the market, Bitcoin's price could remain range-bound near the support line for months.