Bitcoin Builds Base in Rangebound Trade as Spot ETF Inflows Have Limited Impact

Bitcoin is building a base as it remains stuck in a listless trading range, The Block reported on August 5.

U.S. spot Bitcoin exchange-traded funds recorded net inflows of $211 million on August 4, but the token showed little price reaction.

The market is interpreting that less as a sign of another downturn and more as a period of heavily compressed volatility before Bitcoin makes its next directional move.

For the current recovery scenario to remain intact, Bitcoin needs to break decisively above $65,000 in the near term, according to Wintermute analyst Jasper De Maere.