Bitcoin (BTC) is still trading in a tight price range after a slight rebound in recent days. After a sudden drop, the leading cryptocurrency regained some of its upward momentum to rise from $93,300 to $98,200.
Meanwhile, U.S.-based spot Bitcoin ETFs have recorded three straight days of outflows, with losses of about $500 million through February 20.
According to SoSoValue data, these outflows started on February 18 with losses of $61.4 million, then increased to $71.07 million on February 19, and peaked at $364.93 million on February 20.
Despite these outflows, institutions continue to show growing interest in Bitcoin, with Abu Dhabi’s sovereign wealth fund Mubadala Investment Company investing $436.9 million in IBIT, reflecting long-term confidence in the digital currency. Barclays also disclosed a $131 million investment in IBIT, according to its regulatory filing.
Bitcoin is in a phase of volatility and accumulation.
Bitcoin price is currently consolidating within a narrow price range, which may precede a major price breakout. This range is influenced by important support and resistance levels, as a breakout to the upside may pave the way to reach the $100,000 barrier and above, while a decline may focus on the support level at $92,000.
Analyst Miles Deutscher points out that markets have already digested the impact of ETF approvals and political interest linked to Donald Trump, which has slowed inflows into Bitcoin and Ethereum funds.
Investors are now waiting for the next catalyst to push prices higher, as much of the buying pressure has already been exhausted.
At the same time, the delay in the launch of the “strategic reserve for bitcoin” has increased uncertainty among investors, as it was expected to launch shortly after Trump took office, which would have boosted institutional flows into the market.
Despite recent outflows, Bitcoin remains relatively stable at $98,000, up 1% over the past day.
Analysts believe that long-term institutional demand could be a crucial element in supporting Bitcoin’s momentum in the coming months, potentially opening the door to new price moves.