Bitcoin is trading near $96,000 with significant inflows into US spot Bitcoin ETFs totaling over $1 billion in recent days, generating strong spot demand. However, options market positioning with net-long gamma dealer hedging exerts mechanical pressure that suppresses volatility and reinforces a price range roughly between $91,500 and $96,000. The key future price action depends on whether ETF inflows persist enough to break the hedging-induced resistance above $96,000 or if macroeconomic risks trigger outflows and a potential decline toward $91,000.

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