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Range-bound Analysis 🧵 $BTC has been stuck between $64K-$66K for 2 weeks straight. Here's why 1/ $BTC is trading around $65,117 today, up 0.40% on the day. Price has failed to break out of the $64,000-$66,000 range for several weeks now. That's not random. 2/ On the bull side: institutional presence keeps growing — Wintermute's spot OTC flow is now 72% institutional (up from 59% a year ago). That's a structural shift, not pass-through hype. 3/ But there's a warning sign too. MARA has pledged 18,750 BTC (~$1.2B) as collateral for $600M in financing. Rising leverage among treasury companies adds systemic risk if price drops sharply. 4/ Key levels to watch: — Breakout above $66-67K → next target $68-69K — Breakdown below $64K → next support $63K, then $62,500 5/ My take: this is a classic "coiling" moment. Two strong forces (institutional accumulation vs. leveraged risk) are currently balanced. The next sharp move likely comes from a specific catalyst (Fed decision, ETF flow spike, or a leverage unwind) — not organic drift. 💬 Which direction are you positioned for — breakout up, or breakdown down? Personal analysis, not financial advice. #CPIToResetFedBets #AIMemorySelloffEases #BTCETHETFInflowsReturn $BTC