Bitcoin Trapped in Tight Range Amid ETF Buying and Selling

Bitcoin's price has been stuck in a narrow trading range between $62,000 and $66,000 for several weeks due to balanced pressures from ETF buying and selling by miners and corporate treasuries. The tight range is partly due to the actions of Strategy, led by Michael Saylor, which unexpectedly sold over 6,900 BTC worth $440 million since June.

This has added downward pressure despite ETF inflows. Market liquidity is at a three-year low, limiting price movement, while investors await the U.S. Consumer Price Index report for a potential market catalyst.

Technical indicators show a buy signal, but the $60,000 support level is critical to watch for future direction.