Bitcoin traded at about $62,700 on July 12, 2026, and approached the $58,000 lower support line of a power‑law price model that has marked every major bottom since 2015, according to Fidelity global macro director Jurrien Timmer. Timmer said the price is near the model’s accumulation zone, where the gap between actual price and trendline has turned negative 56%, a depth that matched the 2018 and 2022 lows. He noted that the 52‑week bitcoin‑to‑gold ratio had fallen to roughly negative 100% and that no catalyst for a reversal is evident until liquidity returns. Timmer added that speculative capital had moved from bitcoin to gold and then to semiconductor stocks, and that bitcoin could remain near the support line for months before a turn. Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital shifted into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch, according to the Digital Assets: Quarterly Review and Outlook Q2 report.