Bitcoin has been trading sideways in the $85,000–$94,000 range for approximately 60 days, according to Wintermute. Last week saw record net outflows from Bitcoin and Ethereum ETFs, coupled with a negative Coinbase premium, indicating that U.S. funds are a major source of selling pressure. Despite gold and silver reaching new highs in the 'currency devaluation trade,' Bitcoin's 'digital gold' narrative remains unfulfilled. Current implied volatility is significantly compressed, and market participation is low. Key short-term factors to watch include FOMC statements, Mag7 earnings reports, tariff developments, and the U.S. dollar's performance. Until ETF funds return or the dollar weakens, Bitcoin is expected to remain range-bound, with $85,000 as a critical support level.