Bitcoin Stuck in $60,000 Trading Range Amid Institutional Caution
Bitcoin's price has been stuck in a $60,000 trading range as institutional investors remain cautious pending confirmation of US monetary policy and macroeconomic indicators. The cryptocurrency has struggled to break out of this range despite a brief spike in demand last week.
In the past seven days, Bitcoin's spot exchange-traded funds (ETFs) have seen net outflows of $144.6 million on August 10, followed by $61.1 million and $131.1 million on August 12 and 13, respectively. This stands in stark contrast to the five consecutive trading days of net inflows from August 3 through August 7, which brought in approximately $860 million.
Market participants believe institutional investors have shifted back to a wait-and-see stance, holding off on directional bets while assessing US monetary policy and macroeconomic data. The US Consumer Price Index (CPI) released this week came in line with market expectations, yet Bitcoin failed to stage a meaningful rebound.