Bitcoin is nearing a key long-term support level under a long-term price model, but it is too early to call a bottom, an assessment said. Fidelity Investments global macro director of asset allocation Julian Timmer said bitcoin is approaching its long-term “Power Law” support line, set at $58,237 on his chart. Fidelity sees little catalyst for a reversal, citing shifting speculative flows and a subdued macro backdrop.

Bitcoin slid to $59,000 to mark a new low for the year, but a long-term price model showed it has entered a zone similar to past major bottoms. CoinTelegraph said the move fits within statistical ranges seen at earlier bear-market lows. Derivatives data pointed to $55,000 as the next key support and $65,000 to $68,000 as the main upside focus, while traders watch whether bitcoin can reclaim $60,000.