The S&P 500 Index has reached its highest level in over a year, breaking through long-term resistance. This could potentially signal a resumption of the uptrend in the cryptocurrency market if a positive correlation with Bitcoin is recovered.

Crypto intelligence firm, Coin Metrics, has proposed a more precise approach to measuring Bitcoin's energy consumption by scanning the blockchain for clues to link activity on the network to specific high-powered machines.

According to crypto strategist Jason Pizzino, Bitcoin's long-term trend is still bullish despite recent bearish price action. Pizzino maintains his bullish stance as long as Bitcoin remains above $20,000.

Michael Saylor, co-founder of MicroStrategy and a Bitcoin maximalist, believes that Bitcoin is the only institutional grade investable asset in the crypto space and that altcoins are not worth investing in. He predicts that Bitcoin will continue to rise and eventually dominate the crypto space with an 80% market share.

Bitcoin and other cryptocurrencies have faced regulatory uncertainties and price drops over the past week. The largest cryptocurrency lost slightly over 4% following an intense battle initiated by the U.S. Securities and Exchange Commission against the world’s two largest crypto exchanges.

Former MicroStrategy CEO Michael Saylor predicts that Bitcoin will experience an extended period of market dominance, potentially doubling its current level. Saylor attributes this increase to growing regulatory clarity in the United States, which he believes will lead to a Bitcoin-focused industry.

The Spirit DAO broke Udi Wertheimer's record for the largest block and transaction in Bitcoin's history with a 6.9MB Comic Banner in May, using the BRC-721 token standard. This standard allows for "Smart Inscriptions" on Bitcoin, similar to Ethereum's ERC-721, but with smart-contract-based NFTs on Bitcoin.

Bitcoin has been trading within a narrow range for the past three days after successfully defending the $25,500 support. Investors are now focused on the U.S. Federal Reserve's interest rate decision, which will be announced on June 14.

After gaining momentum, some coins have slipped back into the red zone, causing bulls to lose their advantage. Despite a 0.81% increase in the rate of Bitcoin (BTC) since yesterday, it has made a false breakout of the local resistance level at $26,269, potentially leading to a test of support at $25,826.

Bitcoin's dominance in the cryptocurrency market has increased to almost 50% following a recent drop in the altcoin market. The Bitcoin Dominance Index (BTC.D) reached 49.29% on June 13, slightly down from its 14-month high of 49.66% two days earlier. The surge in Bitcoin dominance comes after the US Securities and Exchange Commission (SEC) accused many leading altcoins of being "unregistered securities."