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    BTC price set to break 7-month slump as Bitcoin ETFs hit $65B record

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    Bitcoin (BTC) supporters hope for a trend reversal following a seven-month decline. Trader Rekt Capital suggests BTC is close to a breakthrough, but must remain above $68,000 to avoid falling back. Analyst Daan Crypto Trades confirms BTC has broken free of its slump, bypassing important averages that had previously formed obstacles. Global BTC investments are set to exceed the 2020 record, with US Bitcoin ETFs reaching $20 billion. Investing in BTC carries risk and requires thorough research.

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    Bitcoin (BTC) is at a critical point, as those rooting for it hope it will break out of a seven-month slump.

    Here’s the story: BTC’s value has been trying to bust a slump that started back in March when it peaked at an all-time high. Since then, it’s been on a downslide, despite several attempts to reverse the trend. Now, BTC fans hope the tide is turning.

    Popular BTC trader and analyst, Rekt Capital, pointed out that BTC has been knocking on the door of a breakthrough this week. But, he warned that BTC has to stay above its current resistance level to avoid slipping back. The magic number to keep an eye on is $68,000—which is within reach—as buyers keep coming and don’t give much wiggle room to the bears.

    Zooming in, there’s a glimmer of hope since daily closes are already happening outside the slump area. Fellow BTC pundit, Daan Crypto Trades, noted that BTC has finally broken out of its slump that’s been ongoing for the majority of 2024. He also pointed out that BTC has cleared some important averages that have been presenting hurdles since the summer.

    Earlier reports suggested that BTC’s popularity still sways significantly with small price shifts. This trend continues as investor capital seems to chase rising BTC value. Vetle Lunde, an analyst at a crypto analytics firm, said that global BTC investments are on course to break the 2020 record led by Grayscale.

    Meanwhile, US Bitcoin exchange-traded funds (ETFs) have hit a record $20 billion, with total assets at an all-time high of $65 billion. To put that in perspective, it took gold ETFs around 5 years to hit that number, said Eric Balchunas, an ETF analyst at Bloomberg.

    As always, remember that every investment move comes with a risk. So, do your homework before making any decisions.

    Source: Cointelegraph

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