Bitcoin continues trading within a narrow price band near $115,700 to $118,640 despite multiple bullish catalysts, failing to surpass recent all-time highs. This stagnation persists despite regulatory approvals like the SEC’s green light for in-kind redemptions of Bitcoin and Ethereum ETFs, along with significant institutional inflows.
Market analysts warn that Bitcoin’s muted response to positive developments indicates potential late-cycle fatigue, heightening broader market risks. Contributing to the downward pressure is the rising U.S. dollar index (DXY), which makes safer assets like Treasury bills increasingly attractive to investors.
The SEC’s approval of in-kind ETF redemptions represents a major regulatory milestone, yet Bitcoin’s price reaction has remained subdued. This inertia amid favorable conditions underscores concerns about diminishing momentum in the cryptocurrency’s current market cycle.