Bitcoin's Price Stuck in Sideways Range Despite Strong Demand

Bitcoin's price has been stuck in a sideways range between $76,000 and $82,000 despite strong demand from institutional investors and spot ETF inflows. The U.S Spot Bitcoin ETFs have seen their strongest three-week stretch of the year with net inflows totaling $3.80 billion.

The derivatives market is also showing signs of recovery, with Binance's Open Interest hitting a six-month peak of $10 billion. However, this demand is being met by heavy supply above $82,000, which could be capping the uptrend.

According to Checkonchain, 35% of Bitcoin's supply was bought at or above the current price range, making it one of the strongest supply zones. Additionally, Binance's BTC reserves have remained high, indicating that spot demand may be relatively low.