Bitcoin (BTC) has remained locked in a tight trading range for over two months, oscillating between $92,400 and $106,500 since December 18, according to Cointelegraph Markets Pro. Despite billions in institutional inflows, the cryptocurrency has failed to break out significantly. A brief exception occurred on January 20, coinciding with U.S. President Donald Trump’s inauguration, when Bitcoin surged to an all-time high of $109,000 before swiftly retreating into its established range. Market Manipulation Suspicions Some industry leaders believe Bitcoin’s price stagnation may not be entirely organic. Samson Mow, CEO of Jan3 and founder of Pixelmatic, suspects deliberate price suppression. Speaking at Consensus Hong Kong 2025, Mow noted: “If you look at the price movement, we peak, and then we stay steady and chop sideways. It just looks very manufactured.” Mow further emphasized the unnatural nature of Bitcoin’s restricted price fluctuations, raising concerns about external forces shaping the market. ETF Inflows and Institutional Buying Fail to Move Price Despite steady accumulation by institutions and retail investors, Bitcoin’s price remains stagnant. Companies like Michael Saylor’s MicroStrategy continue to buy Bitcoin in large quantities, yet the price refuses to budge. According to Mow, this suggests that substantial selling pressure is counteracting these inflows. “If Bitcoin’s price isn’t moving despite accumulation, then someone must be selling,” he explained. FTX Repayments and Potential Sell-Off Pressure Adding to market dynamics, FTX has begun repaying creditors, distributing over $1.2 billion based on Bitcoin’s November 2022 price of around $20,000. This could lead to increased selling pressure as recipients cash in on their gains. Mow pointed out that Bitcoin sales at mid-$20K levels are likely impacting market movements, preventing upward momentum. Despite these concerns, analysts remain optimistic, with 2025 price targets ranging between $160,000 and $180,000. However, for now, Bitcoin remains firmly within its controlled price range.