Fidelity Analyst Says Bitcoin Is Testing $60,000 Support as Technicals Signal a Potential Bottom
Fidelity Investments Global Macro Director Jurrien Timmer has long used a power-law model to gauge Bitcoin’s growth trajectory. The model’s lower boundary has repeatedly approached cyclical lows since 2015, making roughly $60,000 more than a psychological threshold: It is also a key support zone for assessing whether long-term buyers are entering the market.
On July 3, 2026, Timmer said the model’s support level had risen to $58,237. Bitcoin was trading at about $62,700 when related reports were published on July 12. Bitcoin’s ratio to gold and the extent of its deviation from the price trendline were approaching their 2018 and 2022 lows, pointing to a bullish divergence and signs of base-building. Timmer, however, had yet to confirm a bottom and said a reversal still lacked a catalyst from global liquidity.
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The history behind this eventBitcoin Nears Historic Power-Law Support as Analysts See Accumulation Zone
The power-law model is an important gauge of Bitcoin’s long-term price trajectory, estimating a mathematically derived fair-value range. Fidelity Investments has tracked the model since 2015. Its lower support line has historically been viewed as a key accumulation zone, with a decline to that level typically signaling that the market is nearing a bottom and offering long-term investors an important entry point at lower prices.
Bitcoin has continued to retreat and is approaching the model’s lower support line at about $58,000. Several on-chain indicators have fallen close to lows seen in previous bear markets, suggesting limited further downside. Analysts said, however, that the market still lacked a liquidity catalyst to drive a rebound in July 2026. Bitcoin may therefore trade sideways for several months after reaching the support line.
Bitcoin Holds Key $60,000 Support, With Analysts Eyeing $92,000
Bitcoin is widely viewed as a volatile risk asset, and its price often moves in tandem with U.S. technology stocks and the Nasdaq. The $60,000 level is both a key psychological threshold and an important test of whether the bullish structure can endure. Analysts also use the 200-week moving average as a major technical gauge of the long-term trend.
Over a recent weekend, Bitcoin held above $60,000 and showed relative resilience despite a marked decline in the Nasdaq, raising expectations that risk capital could return. Analysts said that if BTC continues to hold firmly above its 200-week moving average, it could first test $70,000 and then potentially reach $92,630.
Bitcoin's Slide Slows, but Bear-Market Pressure Persists as Analysts Eye $62,500 Support
Bitcoin remains under bear-market pressure, though 10x Research says its decline is gradually slowing. Stronger ETF inflows, compressed volatility and easing selling pressure suggest near-term momentum is beginning to stabilize. Those signals, however, are not yet sufficient to demonstrate a structural reversal, leaving investors exposed to further declines.
As of July 20, 2026, 10x Research identified $62,500 as a key support level for Bitcoin. Holding above it could lay the groundwork for a subsequent rebound. Analysts said several recent indicators have improved, but Bitcoin has not yet formally broken out of its bear-market structure and needs further confirmation from price action and fund flows.
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