Thin demand on both sides of the Bitcoin market is keeping prices range-bound despite clearing of options positioning that traders had blamed for price suppression.

"Spot activity remains at extremely low levels, as does the daily spot turnover ratio, describing this scenario as textbook apathy. This puts a sustained Bitcoin recovery not yet in the picture, with the Glassnode founder adding that a healthier move higher requires participation."

"The pretty good explanation has run out of road, and what's left is pretty boring: demand for Bitcoin is thin right now, and it's thin on both sides of the market."