Bitcoin Stuck Below $80K Despite Strong Institutional Demand

Bitcoin has been stuck in a range between $78,000 and $80,000 over the past few days. The cryptocurrency is currently trading around $79,300 per coin, down by roughly 1% in the last 24 hours.

The strong institutional demand for Bitcoin has supported the rally, with spot Bitcoin Exchange-Traded Funds (ETFs) heading toward their second consecutive week of billion-dollar inflows. According to data from SoSoValue, US spot Bitcoin ETFs recorded $1.13 billion in net inflows between Monday and Thursday.

Analysts consider a close above Bitcoin's 365-day moving average near $83,000 as important for confirming a broader shift into a new bull-market phase. However, investors are now closely watching Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium on Friday for clues about the central bank's monetary policy outlook.

The address could trigger volatility across Bitcoin and other risk-sensitive assets, particularly if Warsh discusses inflation, economic growth or the direction of interest rates. A dovish tone or signals that the Fed could lower interest rates would likely support risk appetite and Bitcoin.