Bitcoin Trapped in Familiar Range Despite Declining Supply
Bitcoin's price has been stuck in a familiar range of $62K to $65K despite declining supply and a surge in equities, according to Bitfinex. The asset has repeatedly failed to close above $65,000 over the past two weeks, with six consecutive daily highs above that level being rejected.
The spot volumes have reinforced this picture, with two of the weakest sessions in 30 days occurring on August 8 and 9, when only 118 and 165 BTC were traded. In contrast, the recent decline saw roughly triple the daily volume, indicating stronger participation during downside moves.
The $62K-$65K range contains a significant amount of coins, with 1.79M BTC in cost basis representing 8.93% of circulating supply. Long-term holder supply has seen its first weekly decline of 2026, dropping roughly 210,000 BTC from the July 29 peak.
The options markets are pricing today's CPI release as largely inconsequential, and traders appear to be bracing for continued consolidation rather than a volatility shock.