© Reuters

The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes.

Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some positive triggers that could push the price above the range. One such rumor floating in the markets is that after BlackRock (NYSE:) filed for a Bitcoin spot exchange-traded fund, Fidelity Investments may also follow suit. If that happens, it will be a positive sign for the markets.

Daily cryptocurrency market performance. Source: Coin360
SPX daily chart. Source: TradingView
DXY daily chart. Source: TradingView
BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
LTC/USDT daily chart. Source: TradingView