Bitcoin (BTC) faces a pivotal weekly close on October 17th as the bulls attempt to overcome the last resistance before the all-time highs.
Bitcoin on the verge of overcoming final resistance
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fluctuated throughout the weekend and stayed critically above $ 60,000.
This week’s closing price has already been seen as a deal breaker and may be the highest ever – only once before did Bitcoin close a weekly candle above the $ 60,000 mark.
With the hours remaining, analysts braced themselves for a potentially decisive moment that could pave the bulls’ way into uncharted territory.
“Another BTC daily close above the red zone later today and Bitcoin will have confirmed a break above its last major resistance in the weekly timeframe,” commented Rekt Capital.
Trading colleague Pentoshi added that Bitcoin has now retouched its all-time high market cap in the daily timeframe, further adding to the “meaning” of the current trading range.
$ BTC market capitalization touched ATH in the last candle
Seems important pic.twitter.com/oOISDTrGga
– Pentoshi won’t condemn you. hates dms. DMs are scams (@ Pentosh1) October 16, 2021
“Buy the rumor, sell the news?”
In the meantime, not only is the end of this week announced, but also the start of the next week to allow for an exciting BTC price action.
Related: BREAKING: ProShares follows Valkyrie in approving the Bitcoin Strategy ETF listing
Monday is the earliest conceivable start day for the first approved US Bitcoin Exchange Traded Fund (ETF) product.
With BTC / USD soaring as rumors of the long-awaited kickoff gun launch late last week, concerns remain that the episode could turn into a “buy the rumor, sell the news” event. This could create volatile trading conditions.
Opinion poll! The SEC approval of a #Bitcoin ETF is a classic “buy the rumor, sell the fact” event? #BitcoinETF
– jeroen blokland (@jsblokland) October 14, 2021
As Cointelegraph reported, concerns also revolve around regulators stopping the debut of physical Bitcoin ETFs next month, which analysts say will prevent the lion’s share of institutional capital from getting into the area.