Bitcoin Nears Crucial Power Law Support Line Tracked by Fidelity Since 2015

Fidelity has been tracking a power law support line for Bitcoin since 2015, and it appears that the cryptocurrency is nearing this level.

According to Jurien Timmer, the Director of Global Macro at Fidelity, this zone represents an accumulation area where investors may be buying up shares in anticipation of a price increase.

However, as Timmer notes, there currently lacks a catalyst to trigger a bounce in the market. This means that even though Bitcoin is approaching a potentially strong support level, it's unclear whether or not the price will actually rise.