BlockBeats News, July 3rd, Fidelity Investments Global Macro Director Jurrien Timmer stated that Bitcoin is approaching the long-term Power Law model support level, facing a key technical test. Currently, this model's support line is at $58,237, with $60,000 being seen as a significant psychological and technical level.

Furthermore, Jurrien also pointed out that due to the slowdown in global liquidity growth and speculative funds continuing to flow into tech stocks and other risk assets, Bitcoin still lacks an overarching catalyst to drive a trend reversal. Although this model's support level has historically acted as a market bottom several times, Bitcoin may still consolidate in this area for some time, waiting for a more favorable macro environment to trigger a new round of growth.