Bitcoin Builds Base Amid Sideways Trading Range

Bitcoin has been stuck in a sideways trading range for some time now, but analysts believe it's building a base. According to recent data, U.S. spot Bitcoin exchange-traded funds recorded $211 million in net inflows on August 4, but the price of Bitcoin showed no clear reaction.

This lack of response has led market observers to interpret it as a period of sharply compressed volatility ahead of the next directional move. Analysts are watching for a break above $65,000 in the near term, which would serve as the benchmark for the current recovery scenario to remain intact.

Jasper De Maere from Wintermute emphasized that Bitcoin must break decisively above $65,000 for the current recovery scenario to hold.