Bitcoin Stuck in $82,000-$85,000 Range as New Quarter Begins

Bitcoin price range — Bitcoin (BTC) has started the new quarter trading within its recent $82,000 to $85,000 range, continuing over a week of sideways price action as spot exchange-traded funds (ETFs) saw a net outflow.

The cryptocurrency briefly topped $85,000 on Wednesday following weaker-than-expected U.S. inflation data, which tempered expectations for Federal Reserve interest rate hikes. However, the rally was not sustained, and the price retreated back into the established trading band.

U.S.-listed spot Bitcoin ETFs recorded a net outflow of $148.7 million on Wednesday, according to data from SoSoValue. This ended a nine-day streak of inflows that had brought a total of $3.08 billion into the funds.

The broader altcoin market showed selective strength, with the CoinDesk DeFi Select Index rising 1% over 24 hours, while other major indices were largely flat.