Fidelity Digital Assets Identifies Bitcoin Accumulation Phase
- Fidelity’s Q2 Signals Report indicates Bitcoin is in a corrective phase, not a broad expansion.
- Bitcoin’s “Yardstick” valuation shows it as undervalued, with prices and hash rates declining.
- 71 out of the last 91 days saw Bitcoin below one standard deviation of the Yardstick’s mean.
- The NUPL score for Bitcoin was at a cautious level of 0.21 at the end of Q1.
- BTC traded around $76,036, testing technical resistance levels.
Fidelity Digital Assets’ report suggests that despite current negative momentum signals, Bitcoin’s current valuation zone has historically aligned with accumulation phases and relative price bottoms. The report highlights that while some holders remain profitable, broader market conviction is yet to be established.
The data indicates that if Bitcoin can overcome current technical resistances without being pulled down by overbought conditions, it may transition from a corrective structure into a new bull phase. (Source)
