Bitcoin has recently struggled to surpass the $82,000 level, instead trading within a sideways range between $76,000 and $82,000. This price action persists despite notable spot demand driven by strong exchange-traded fund inflows and large investors.
U.S. spot Bitcoin ETFs recorded significant growth, posting their strongest three-week stretch of the year after gathering $986 million in a single week to reach $3.80 billion in total net inflows. Additional institutional activity included Strive, led by Vivek Ramaswamy, purchasing 1,375 BTC valued at $105 million, with potential plans to expand its position further before the end of the year. In the derivatives sector, Binance's Open Interest reached a six-month peak of $10 billion to support the recovery.
However, buyers and sellers remain locked in a battle within the $76,000 to $82,000 range, which acts as a major supply zone. Approximately 35% of Bitcoin's supply was acquired at or above this level. This heavy supply is further reinforced by weekly average exchange net inflows rising by over 593 BTC, while Binance's reserves remained elevated between 685,000 and 687,000 BTC. Additionally, unrealized profits among short-term whales reached a record $9 billion, heightening the risk of a sell-off due to profit-taking.
On the liquidity front, data indicates a massive cluster leveraged to the upside, measuring five times larger than the cluster sitting below $60,000. Market analysts note that clearing this upside liquidity could potentially trigger a short squeeze, helping Bitcoin maintain levels above $82,000.
From a technical perspective, historical chart patterns show that Bitcoin's market structure has traditionally turned bullish following two consecutive red six-month candles. With a bullish candle forming, market participants continue to monitor whether the heavy supply above $82,000 will continue to cap the near-term uptrend.
