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Fidelity warns bitcoin’s bottom may not hold after August rally

Fidelity’s Digital Assets research says bitcoin could still set a new low in November even as it rose about 30% over the past 30 days to around $81,639.

Reported · Written up by our desk · Market Structure

Fidelity says bitcoin’s bear market may have bottomed in July, but the asset could still drop again later this year, according to a report highlighted by Bitcoin Magazine.

The outlet notes bitcoin began rallying in mid-August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases.

Bitcoin has since risen sharply, trading close to $81,639 and up nearly 30% over a 30-day period, though Fidelity cautioned that volatility and cycle behavior do not guarantee the bottom is in.

Fidelity Vice President of Research Chris Kuiper also pointed to developments around the proposed crypto Clarity Act, while Bitcoin Magazine ties the rally to President Donald Trump’s August push for lawmakers to pass a crypto market structure bill.

Latest closeBitcoin $79,153.04 ▼1.5%

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