short termers are scared and selling while bitcoin is ranging. Long termers (these days that's mostly institutions) are buying up bitcoin by the truck load. Look at companies picking up thousands of bitcoin a week (some weeks tens of thousands) to add to their treasuries, and the ETFs picking up tens of thousands of bitcoin weekly.

Basically, a supply shock is coming. Institutions are eating a buffet of bitcoin while prices remain range bound. Price is gonna eventually break upwards at which point the retail market / short term people are gonna realize there is way less bitcoin in the market than there was a few months ago as they start buying at higher and higher prices to not miss the pop upwards. Price probably zooms up to $120k's this summer, maybe even over $130k.

For the couple years since the bear market ended, every roughly half year the price pops up and then is range bound for another half year. It's been about half a year since the last jump up, and supply is being sucked up with prices going sideways..I think we'll see the next jump up soon.

Also right now there are it seems multiple companies EACH eyeing ~billion or multi-billion dollar purchases (Metaplanet alone is talking about making a $5B purchase). If those companies all buy in the next few weeks we could see like 100k bitcoin taken out of the market very quickly just from a handful of companies. It is definitely feeling like we are getting close and closer to the dam breaking and having the price pop up to the next level.