Bitcoin has traded within a 5.5% range for more than 24 sessions as investors await the U.S. Federal Reserve’s interest-rate decision on Wednesday. Selling pressure has slowed, but demand has not been strong enough to drive a clear breakout. About 840,000 BTC were acquired within the current range, while Glassnode’s sell-side risk ratio has fallen to seven basis points, indicating that long-term holders are realizing fewer profits. Newer investors now hold most of the remaining supply, although trading activity remains subdued. Leverage is concentrated around current prices, with CoinGlass showing about $1.95 billion in potential short liquidations near $82,000 and long positions concentrated around $75,000 to $76,000. Institutional demand has also weakened: U.S. spot Bitcoin ETFs recorded more than $460 million in outflows last week, equivalent to approximately 5,900 BTC, while Ether ETFs attracted $196.9 million. September ETF flows remain positive, but recent outflows could constrain Bitcoin’s upside. Inflation is adding pressure to the policy outlook. August prices increased 0.4% month over month and 3.4% year over year, while core inflation eased to 2.4%. Gasoline prices rose 3.9%, diesel reached $5.65 per gallon, Brent crude traded above $100 a barrel and U.S. strategic reserves fell to 285.4 million barrels. Markets now price an 88.5% chance of a 25-basis-point rate hike on September 16. The U.S. 10-year real Treasury yield has risen to 2.55%, making non-yielding assets such as Bitcoin less attractive to some investors. The next major move may depend on whether fresh demand returns after the Fed decision, as traders have established positions near both ends of the range.