Originally published on: October 18, 2024
Bitcoin is on the brink of a significant breakthrough as it attempts to break out of a seven-month downtrend. After consolidating for over half a year, BTC is showing signs of bullish momentum, with traders hopeful for a change in the market landscape.
Analysts are closely watching the weekly chart as Bitcoin makes repeated attempts to break above resistance levels. Rekt Capital noted that BTC has faced rejection from the downward-sloping channel in the past but is now eyeing a breakout beyond $68,000.
On lower timeframes, daily closes are already occurring outside the channel, indicating a positive trend for Bitcoin. Analysts believe that BTC’s recent move has cleared significant resistance levels, setting the stage for further upside potential.
Investor demand for Bitcoin remains strong, as evidenced by record inflows into Bitcoin investment vehicles. Global net inflows of 360,000 BTC have been reported, with US spot Bitcoin ETFs reaching a record $20 billion in total assets.
With Bitcoin ETFs hitting a new milestone of $65 billion in total assets, the cryptocurrency market is gaining momentum and attracting significant investor interest. As BTC price looks to break out of its slump, analysts are optimistic about the future of digital assets.
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