Jurrien Timmer, Director of Global Macro at Fidelity, recently took note of a striking divergence in the financial markets throughout March 2026.

Despite macroeconomic headwinds that typically crush non-yielding assets, Bitcoin has held its ground.

The $60,000 floor

The crypto market spent recent weeks searching for a local bottom, and Timmer pointed to the $60,000 level as a critical structural support.

He acknowledged the possibility of brief dips below this threshold, Timmer noted that fundamental valuation models support this floor.

"Based on the power law support line and the gold/Bitcoin ratio, I believe that level should act as a floor," he explained.

The most fascinating development, according to Timmer, is how different asset classes are reacting to the current environment.

Typically, upward pressure on bond yields and a surging U.S. dollar index would trigger aggressive sell-offs in assets like Bitcoin. Instead, the opposite is happening.

A recent chart shared by Timmer detailing 52-week Sharpe Ratios (a measure of risk-adjusted return) illustrates this perfectly. The data, updated through mid-March 2026, shows that the risk-adjusted performance of both Bitcoin and Ethereum is recovering sharply.

Conversely, the rest of the traditional asset class spectrum, such as the S&P 500 and standard 60/40 portfolios, has been weakening. The only major outlier joining crypto in the green is the commodities sector (BCOM).

So, why are Bitcoin and bond yields rising while risk assets fall and the dollar remains heavily bid?

Timmer aruges the market may be "sniffing out" a massive paradigm shift rather than just reacting to short-term technicals. First of all, markets may be preemptively pricing in the political and fiscal shifts expected from the upcoming U.S. mid-term elections.

The era of monetary policy (central banks controlling the economy via interest rates) may be taking a backseat to fiscal dominance.

In his most provocative thesis, Timmer questioned if the market is preparing for a future where artificial intelligence aggressively displaces human labor. Such a shift could force governments to adopt Modern Monetary Theory
M
MMT
and implement Universal Basic Income (UBI).

If the market is indeed pricing in a future of endless deficit spending and currency debasement to fund an AI-disrupted society, Bitcoin's current resilience may be its core value proposition playing out in real-time.
source: https://www.tradingview.com/news/u_today:cda7b5f6b094b:0-fidelity-bitcoin-has-been-very-resilient/