BTC $ 63,600 barely moved on Tuesday, staying trapped in the $62,000-$66,000 range for five weeks. Exchange-traded funds continued to flow into Bitcoin, but sales from miners and corporate holders kept prices stable.
Wincent’s senior director, Paul Howard, commented that Bitcoin’s recent price action has largely been driven by steady ETF inflows being offset by OTC selling from miners and Strategy (MSTR). Analysts at Bitfinex also pointed to the competing flows of ETFs and bitcoin treasury companies as two major sources of price-insensitive demand.
The U.S. inflation report on Wednesday may provide a catalyst for Bitcoin prices, though uncertainties remain.
Written by Oliver Grant
Markets Desk
