Why is Bitcoin (BTC) forming a base around $65,000?

Bitcoin is seen as forming a base near $65,000 because selling pressure has largely been absorbed. According to Fidelity’s Jurrien Timmer, weaker “paper hands” have already exited, leaving stronger holders in the market.

What does “paper hands have been flushed out” mean for Bitcoin?

“Paper hands” refers to short-term traders who sell quickly during volatility. Their exit suggests the market may now be more stable, as remaining holders are less likely to panic sell.

Who is Jurrien Timmer and what is his view on Bitcoin?

Jurrien Timmer is a macro strategist at Fidelity Investments. He believes Bitcoin has strong technical support at $65,000 and could form a base before its next upward move.

What key level should traders watch for Bitcoin right now?

The $65,000 level is seen as a key support zone. If Bitcoin holds above this level, it could signal stability and potential for future upside.

Why hasn’t Bitcoin fallen further despite geopolitical tensions?

Markets appear to be pricing in a resolution to tensions around Iran. Additionally, strong corporate earnings and stable financial conditions are helping absorb shocks, limiting downside pressure.

How are traditional markets influencing Bitcoin’s performance?

Stable credit spreads, modest equity drawdowns, and strong earnings are supporting overall market sentiment. This reduces panic across asset classes, including crypto.

What is oil backwardation and why does it matter here?

Oil backwardation means near-term prices are higher than future prices, signalling short-term supply disruption rather than a long-term crisis. This supports the view that geopolitical risks may be temporary.

How is Bitcoin behaving compared to gold?

Bitcoin is increasingly behaving like gold as a macro asset, while gold has shown some characteristics similar to crypto. This reflects shifting investor positioning between the two assets.

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Bitcoin eyes $65K base as selling pressure fades

Written by Mahathir BayenaPublished Apr 13, 2026, 12:00 AMLast Updated May 7, 2026, 3:08 AM

Bitcoin may be forming a base around $65,000 as selling pressure eases and weaker “paper hands” exit the market, according to Fidelity strategist Jurrien Timmer.

The cryptocurrency, trading in the low $70,000s, is showing technical strength at this support level, with analysts suggesting a foundation for future upside if conditions stabilise.

Timmer said broader markets are “pricing in some form of resolution” to geopolitical tensions, with strong earnings helping offset risks despite ongoing uncertainty.

Market signals including oil backwardation, stable credit spreads and limited equity drawdowns indicate investors expect current disruptions to be temporary rather than systemic.

Bitcoin’s behaviour is increasingly aligning with gold, with capital rotating between the two assets as investors adjust to shifting macro conditions.

While Timmer remains bullish, he noted that a clear catalyst such as easing tensions or improved economic data will be needed to drive the next leg higher.

Despite the constructive outlook, risks remain, including potential escalation in the Middle East and rising interest rates, which could pressure both crypto and broader markets.

At the time of reporting, Bitcoin price was $71,067.26.