Bitcoin's price has been consolidating within a narrow range, recently testing a low of $106,391 and a high of $110,700. A V-shaped recovery was noted, with a 954 BTC surge pushing the price past $110,500. Meanwhile, the Bitcoin Policy Institute has encouraged traders not to fear fiat currencies, positioning Bitcoin as a viable alternative to traditional financial systems. The CoinDesk 5 Index also saw an increase, rising from $1,893.76 to $1,920.74.