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 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.” Financial services giant Fidelity says Bitcoin can no longer be considered "cheap," citing several metrics to change its medium-term outlook on the cryptocurrency from positive to neutral.

The bears are trying to stall Bitcoin’s recovery at the 20-day EMA ($65,858), but the bulls are in no mood to surrender. The flattening 20-day EMA and the RSI near the midpoint suggest that the selling pressure is reducing.

If buyers shove the price above the 50-day simple moving average ($67,511), the BTC/ USDT pair could attempt a rally to $73,777. If bears want to seize control, they will have to quickly yank the price below the $60,775 support. If they manage to do that, the pair may start a deeper correction to the 61.8% Fibonacci retracement level of $54,298.

Lastly please check out the advancement’s happening in the cryptocurrency world

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