Bitcoin (BTC) is holding a tight range around $121,000–$123,000 after tapping a fresh all-time high near $126,000 earlier this week. Under the surface, demand remains robust as U.S. spot Bitcoin ETFs just logged an eighth straight day of net inflows, with one session alone adding $441 million.Over the past week, cumulative ETF net flows have climbed by billions, pushing total Bitcoin ETF assets toward $160 billion. This steady pipeline of capital, now a fixture of pension funds, RIAs, and asset managers, continues to soak up more BTC than miners create, tightening free float and muting deeper pullbacks.The setup reinforces Bitcoin’s evolving role as a portfolio diversifier and inflation hedge, especially as the U.S. dollar wobbles and macro uncertainty lingers.Technical Levels Point Bitcoin (BTC) to $117K Support, $125K–$126K CeilingAfter the spike to new highs, BTC is digesting gains in a sideways band. $125,000–$126,000 remains the near-term ceiling; a decisive daily close above that zone would likely unlock momentum toward $128,000–$130,000 and extend price discovery.On the downside, $117,000 is developing as the first key support, aligning with a heavy cost-basis cluster and prior breakout structure. A deeper fade could probe $114,000 near the 50-day moving average, where trend buyers may re-engage.Momentum indicators are neutral-to-constructive (RSI mid-zone, MACD flattening), consistent with healthy consolidation above rising MAs. Traders are watching for:Spot-led strength over derivatives (cleaner advances).ETF inflows staying positive (supports dips).Range break above $126,000 on expanding volume (bullish confirmation).Scarcity Meets Institutional LiquidityBitcoin’s post-halving issuance of 450 BTC/day collides with institutional demand that’s arriving “on schedule” via ETFs, creating a structural supply deficit. Year to date, institutional accumulation has outpaced new supply many times over, a dynamic that historically precedes trend extensions.Add in the dollar-debasement narrative, stubborn inflation, rising debt, and policy ambiguity, and credibly scarce assets like BTC and gold remain in favor.With net inflows recurring and macro tailwinds intact, a range break toward $130,000 looks increasingly plausible in Q4, provided $117,000 holds on dips and $125,000–$126,000 gives way on a high-volume push.Cover image from ChatGPT, BTCUSD chart from Tradingview