Bitcoin Struggles to Break Out of Rangebound Market

Bitcoin's price analysis is at a standstill, with BTC trading at $63,500 as of this writing. The cryptocurrency has been stuck in a rangebound market, and only a significant catalyst can break it out of its lull.

Jane Street's disclosure of a $990M bitcoin ETF stake has traders wondering if the near-billion-dollar BTC exposure is bullish or not. Spot ETFs logged back-to-back outflows for the first time since late July, and BTC has slid from roughly $65,000 into the $63,000, $63,500 zone over the past week.

The 30-year Treasury yield hitting its highest level since 2007 is also contributing to a tightening liquidity backdrop that doesn't discriminate between stocks and crypto. This has put pressure on risk assets broadly, including Bitcoin.