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Bitcoin (BTC) is holding a tight range around $121,000$123,000 after tapping a fresh all-time high near $126,000 earlier this week. Under the surface, demand remains robust as U.S. spot Bitcoin ETFs just logged an eighth straight day of net inflows, with one session alone adding $441 million.
Over the past week, cumulative ETF net flows have climbed by billions, pushing total Bitcoin ETF assets toward $160 billion. This steady pipeline of capital, now a fixture of pension funds, RIAs, and asset managers, continues to soak up more BTC than miners create, tightening free float and muting deeper pullbacks.
The setup reinforces Bitcoins evolving role as a portfolio diversifier and inflation hedge, especially as the U.S. dollar wobbles and macro uncertainty lingers.
After the spike to new highs, BTC is digesting gains in a sideways band. $125,000$126,000 remains the near-term ceiling; a decisive daily close above that zone would likely unlock momentum toward $128,000$130,000 and extend price discovery.
On the downside, $117,000 is developing as the first key support, aligning with a heavy cost-basis cluster and prior breakout structure. A deeper fade could probe $114,000 near the 50-day moving average, where trend buyers may re-engage.
Momentum indicators are neutral-to-constructive (RSI mid-zone, MACD flattening), consistent with healthy consolidation above rising MAs. Traders are watching for:
Bitcoins post-halving issuance of 450 BTC/day collides with institutional demand thats arriving on schedule via ETFs, creating a structural supply deficit. Year to date, institutional accumulation has outpaced new supply many times over, a dynamic that historically precedes trend extensions.
Add in the dollar-debasement narrative, stubborn inflation, rising debt, and policy ambiguity, and credibly scarce assets like BTC and gold remain in favor.
With net inflows recurring and macro tailwinds intact, a range break toward $130,000 looks increasingly plausible in Q4, provided $117,000 holds on dips and $125,000$126,000 gives way on a high-volume push.
Cover image from ChatGPT, BTCUSD chart from Tradingview