Bitcoin recovering but range-bound as market eyes commodities: Bloomberg

Bitcoin is struggling to break out of a range between $60,000 and $75,000 following the recent conflict in Iran, Bloomberg reported. While BTC has performed better than stocks or gold since the conflict, it remains more than 40% below its peak from last October. Wintermute analyst Jasper De Maere noted that despite Bitcoin's rise, bearish sentiment is prevailing, with open interest increasing while funding rates turn negative. He added that lower trading volumes compared to the end of last year make the asset vulnerable to price volatility. Similarly, Andreja Cobeljic, head of derivatives trading at Swiss-based crypto bank Amina, said BTC lacks the momentum for further gains and could see another decline after a temporary relief rally. Bloomberg added that market attention is shifting from cryptocurrencies to commodities and real assets like crude oil and aluminum, which it referred to as "Old Economy Assets."