Bitcoin Price Stuck in Sideways Range Amid Strong Demand

Bitcoin's price has been stuck in a sideways range between $76,000 and $82,000 despite strong demand from spot ETF inflows and large investors. The U.S Spot Bitcoin ETFs have seen their strongest three-week stretch this year with net inflows of $3.80 billion.

Vivek Ramaswamy's Strive purchased 1,375 BTC worth $105 million, which could increase to 20K BTC before the end of the year. The derivatives market has also contributed to BTC's recovery as Binance's Open Interest hit a six-month peak of $10 billion.

However, buyers and sellers are battling for control in the $76K-$82K range, which is one of the strongest supply zones. This level accounts for 35% of BTC's supply bought at this level or higher.

The heavy supply has also been fueled by Binance's high BTC reserves, roughly 685K-687K BTC, indicating relatively low spot demand. Moreover, the unrealized profits of short-term whales have hit a record $9 billion, increasing the risk of a sell-off due to profit-taking.