Bitcoin Range Remains Intact as Macro Factors Trump Crypto Catalysts

The Bitcoin price continues to hover within its established range of $62,000, $65,000 as macroeconomic factors and institutional demand play a significant role in its recent recovery attempt.

According to Bitfinex, the market's bid has returned, with spot Bitcoin ETFs absorbing $865.3 million across five consecutive positive sessions. This influx of 13,300 BTC into the market, coupled with only 3,150 BTC being issued by the network, indicates a strengthening institutional appetite.

However, the presence of overhead supply and stubborn long-term yields continue to limit upside momentum. Strategy's sale of 1,638 BTC last week, along with an estimated 1.79 million BTC sitting on-chain at a $62,000, $65,000 cost basis, contribute to this cap.

The cooling US employment data has reduced the likelihood of a September rate hike to 43.9%, supporting risk assets and crypto markets. Nevertheless, long-term yields remain above 5.2% as investors price persistent inflation and heavy government borrowing, indicating patience rather than a pivot towards easing.