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.
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 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.
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