Gate 2025 Year-End Community Gala Bitcoin has begun 2026 trading in a range-bound, indecisive pattern, oscillating around the $87,000–$90,000 zone as markets await fresh directional catalysts. BTC’s price action reflects a broader pause after a volatile 2025 which saw record highs above ~$126K in October before a significant pullback into year-end. Macro drivers like ETF flows, liquidity conditions, and institutional demand are increasingly shaping price behavior, highlighting Bitcoin’s evolution into a macro-sensitive risk asset rather than a purely speculative play. Spot Bitcoin ETFs have experienced notable outflows through late 2025, though recent daily movements haven’t triggered major sell-offs, suggesting selling pressure may be exhausted near current levels. Institutional frameworks such as regulatory clarity in the U.S. and EU continue to draw long-term capital, while macro liquidity signals hint at potential support should funding stress ease into early 2026. Analyst forecasts for the year range from conserva