Originally published on: October 18, 2024
As Bitcoin faces a crucial weekly close, investors are optimistic about breaking a seven-month downtrend. The BTC price action is currently challenging resistance levels not seen since March’s all-time high, hinting at a potential breakthrough.
After months of consolidation following its peak at $73,800, Bitcoin has struggled to regain momentum. However, recent attempts to break out of the downward-sloping channel are sparking hope among traders.
According to analyst Rekt Capital, Bitcoin’s repeated attempts to breach the channel’s upper edge are a positive sign. A weekly close above the resistance level of $68,000 could mark a significant shift in the market dynamics.
On lower timeframes, daily closes outside the channel further support the bullish sentiment. Analysts note that the short to mid-term trend is on an upward trajectory, with Bitcoin clearing key moving averages.
In terms of investor demand, Bitcoin continues to attract significant inflows, with Bitcoin investment vehicles seeing a substantial uptick. Total assets in Bitcoin ETFs have surged to a record $65 billion, outpacing the growth of gold ETFs.
With Bitcoin ETF netflows hitting a milestone of $20 billion, the cryptocurrency market is poised for further growth. Investors are closely monitoring the market dynamics for potential investment opportunities.
Disclaimer: This article does not provide investment advice. Readers should conduct their own research before making financial decisions. Stay informed about market trends with our Markets Outlook newsletter. Don’t miss out on critical insights to refine your trading strategies and spot investment opportunities. Subscribe now!