S&P 500

Bitcoin's strong rebound of the $60,000 level is encouraging but it still could be a hint that BTC's range-bound action could continue for some time.

Traders prefer a trending market rather than a range-bound one. Sometimes, when there is uncertainty about the next directional move, traders step to the sidelines, and that seems to be the case with Bitcoin (BTC). 

According to research firm Santiment, “fear and indecision” could be the factors that have led to a drop in Bitcoin’s on-chain activity toward historic lows. The firm clarified that it does not necessarily mean that Bitcoin will fall more.

Bitcoin’s consolidation is giving opportunities to investors to load up on Bitcoin. Japanese investment firm Metaplanet said it had made a “strategic shift” in its treasury management strategy to follow a Bitcoin-only approach in response to a sustained decline in the Japanese yen. Metaplanet announced a purchase of 117.7 Bitcoin at an average price of $65,000.

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Bitcoin and altcoins have turned bullish following the BTC supply halving. Are new all-time highs in the making?

The S&P 500 Index (SPX) fell 3.05% last week as hopes for a handful of interest rate cuts by the United States Federal Reserve dwindled due to elevated inflation readings. In comparison, Bitcoin (BTC) declined just 1.1% last week, indicating strength.

Capriole Investments founder Charles Edwards said in a X post that Bitcoin’s raw electricity cost per mined block is $77,400. He added that Bitcoin’s price remains below the “electrical cost” for only about a couple of days every four years, which means that Bitcoin is “trading at a DEEP DISCOUNT.”

Bitcoin is likely to remain volatile in the next few days as the bulls and the bears battle it out for supremacy. If Bitcoin remains range-bound in the near term, it may attract buyers toward select altcoins that may resume their up move.

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