Fidelity Sees Bitcoin Nearing Key Long-Term Floor

Bitcoin is moving closer to a long-term support level tracked by Fidelity as BTC trades near the lower end of its 2026 range.

Jurrien Timmer, Fidelity’s director of global macro, placed Bitcoin inside a potential accumulation zone, with the market approaching its power law support line.

“At $60k it’s getting ever closer to its power law support line,” Timmer wrote.

The model tracks Bitcoin’s long-term price expansion against a rising lower support curve. BTC’s decline toward the low-$60,000 range has narrowed the distance between spot price and that floor after the asset traded above $73,000 in early June.

Bitcoin changed hands near $63,889, with an intraday range between $63,700 and $64,417. The asset remains above the $60,000 area identified by Timmer, but repeated failures to hold above $65,000 have kept the market inside its current consolidation range.

$59,700 Support Aligns With The Long-Term Floor

The Fidelity level sits close to Bitcoin’s immediate technical support.

BTC’s latest channel rejection put $59,700 back in focus as the first downside level if selling pressure returns. A break below that area would expose the deeper $56,550 support identified within the same structure.

The overlap leaves Bitcoin trading between resistance near $65,000 and a cluster of support around $60,000. Buyers have defended that lower range during recent pullbacks, but the rebound has yet to produce a sustained break through the upper boundary.

A move below $59,700 would take BTC closer to Fidelity’s long-term floor and weaken the current consolidation. A recovery above $65,000 would move price away from the support curve and reopen the range toward Bitcoin’s June highs.

Ethereum Gains Ground Against BTC

Ethereum has strengthened against Bitcoin while BTC remains close to its long-term support zone.

ETH recently tested resistance near $1,820 as the ETH/BTC ratio climbed above 0.028, its strongest level in months.

The relative move has given Ethereum a larger share of the latest crypto rebound, while Bitcoin remains pinned between the $59,700 support area and resistance near $65,000.

The post Fidelity Sees Bitcoin Nearing Key Long-Term Floor appeared first on Crypto Adventure.