Bitcoin Price Trapped in Tight Range as Institutional Demand Remains Strong

The Bitcoin price has been stuck in a tight range between $63,700 and $66,500 for weeks, frustrating both bulls and bears. Despite several attempts to break out above this resistance level, the price remains locked at around $65,016.

Morgan Stanley's spot Bitcoin ETF, MSBT, continues to attract significant institutional demand, with over $400 million in assets under management since its launch in April. This growth in regulated exposure suggests that investors remain interested in Bitcoin despite the current price stagnation.

CoinCodex's analysis predicts a modest upside potential for Bitcoin, with a target price of $69,240 over the next month. However, this forecast is contingent on buyers successfully defending the support level at $63,700 and pushing the price above $66,200 to $66,500.