Bitcoin is nearing a critical weekly close as bulls aim to overcome a seven-month downtrend. With April 2024 marking a peak at $73,800, Bitcoin has been stuck in a consolidated range, facing challenges re-entering price discovery. Trading analyst Rekt Capital highlights that a successful weekly close above the downtrending channel at approximately $68,000 is crucial to avoid further rejection. Optimism is rising, especially with lower timeframes showing daily closes outside the channel. Additionally, Bitcoin institutional demand is surging, with significant inflows into investment vehicles, including record levels for Bitcoin ETFs, reaching $65 billion in total assets. This reflects a pattern where it has taken gold ETFs five years to reach similar figures. Overall, Bitcoin's demand remains strong, contributing to market movements as traders watch for potential breakout opportunities.

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