{"id":51842,"date":"2024-10-19T01:44:15","date_gmt":"2024-10-19T01:44:15","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/btc-price-break-7-month-slump-bitcoin-etfs-hit-65b"},"modified":"2024-10-19T07:35:03","modified_gmt":"2024-10-19T07:35:03","slug":"btc-price-set-to-break-7-month-slump-as-bitcoin-etfs-hit-65b-record","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51842","title":{"rendered":"BTC price set to break 7-month slump as Bitcoin ETFs hit $65B record"},"content":{"rendered":"

Bitcoin faces a crunching weekly close as bulls seek to break through a seven-month downtrend.<\/p>\n

\"Bitcoin
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

BTC price finally teases key breakout<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> reveals BTC price action attempting to crack resistance in place since March\u2019s all-time high.<\/p>\n

Bitcoin (BTC<\/a>) has spent over half a year consolidating within a downward-sloping channel<\/a> since hitting its record highs of $73,800.<\/p>\n

Despite several attempts to reenter price discovery, BTC\/USD has remained rangebound ever since. Now, traders hope the landscape is different.<\/p>\n

Analyzing the weekly chart, trader and analyst Rekt Capital showed repeated stabs at the channel\u2019s upper edge, the latest coming this week.<\/p>\n

\u201cBitcoin has experienced a rejection from the top of the Downtrending Channel (red) just like in the past (blue circles),\u201d he said<\/a>.<\/p>\n

\u201cIt’s essential Bitcoin Weekly Closes inside the red resistance to avoid a deeper rejection from here.\u201d<\/p><\/blockquote>\n

\"Bitcoin
BTC\/USD 1-week chart. Source: Rekt Capital\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

A weekly close beyond the channel top, currently at around $68,000, is already in sight as buyers keep up pressure and give bears little room for maneuver.<\/p>\n

\u201cStill early on in the week,\u201d Rekt Capital concluded.<\/p>\n

\u201cGenerally, we need to observe this Downtrending Channel resistance (red) for signs of weakening compared to previous rejections.\u201d<\/p><\/blockquote>\n

\"Bitcoin
BTC\/USDT 1-day chart. Source: Daan Crypto Trades\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

On lower timeframes, there is more cause for optimism thanks to daily closes already occurring outside the channel.<\/p>\n

\u201cWith the recent move, it has finally broken out of the channel it traded in for most 2024,\u201d fellow trader and analyst Daan Crypto Trades told<\/a> X followers.<\/p>\n

An accompanying chart further showed BTC\/USD clearing its 200-day simple (SMA) and exponential moving average (EMA) cloud \u2014 something \u201ccausing some struggles since the Summer.\u201d<\/p>\n

\u201cShort-Mid timeframe trend is also up,\u201d Daan Crypto Trades added.<\/p>\n

Bitcoin institutional demand eyes records<\/h2>\n

Earlier, Cointelegraph reported<\/a> on the overall demand for Bitcoin still being heavily influenced by relatively modest price shifts.<\/p>\n

Related: <\/strong><\/em>Bitcoin traders see $70K BTC price as market trims Fed rate cut bets<\/strong><\/em><\/a><\/p>\n

Recent days have continued the trend, with upward BTC price action spawning a chain reaction among investor capital inflows<\/a>.<\/p>\n

\u201cBitcoin investment vehicles globally have seen net yearly inflows of 360,000 BTC and are on track to surpass the Grayscale-led 2020 record of 373,000 BTC,\u201d Vetle Lunde, senior analyst at crypto analytics firm K33 Research, confirmed on Oct. 18.<\/p>\n

\"Bitcoin
Bitcoin ETF netflows. Source: Vetle Lunde\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Total net flows of the United States spot Bitcoin exchange-traded funds (ETFs) have topped a record $20 billion, while total assets have reached a new all-time high of $65 billion.<\/p>\n

\u201cFor context, it took gold ETFs about 5yrs to reach same number,\u201d Eric Balchunas, a senior ETF analyst at Bloomberg, commented<\/a> on the $20 billion tally.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin faces a crunching weekly close as bulls seek to break through a seven-month downtrend. BTC\/USD 1-hour chart. Source: TradingView BTC price finally teases key breakout Data from Cointelegraph Markets Pro and TradingView reveals BTC … BTC price set to break 7-month slump as Bitcoin ETFs hit $65B record<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51847,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBTC price set to break 7-month slump as Bitcoin ETFs hit $65B record - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51842\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC price set to break 7-month slump as Bitcoin ETFs hit $65B record - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin faces a crunching weekly close as bulls seek to break through a seven-month downtrend. 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