Bitcoin (BTC) faces a crucial weekly close on October 17 with bulls rushing to smash final resistance ahead of historic highs.
Bitcoin on the verge of breaking through final resistance
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fluctuated throughout the weekend, remaining crucially above $ 60,000.
This week’s close was already seen as a deal breaker, potentially being the highest on record – just once before, Bitcoin has ended a weekly candle above the $ 60,000 mark.
With hours remaining, analysts were bracing for a potentially pivotal moment, which could usher in uncharted territory for the bulls.
“Another daily close of BTC above the red zone later today and Bitcoin will have confirmed a break beyond its last major resistance over the weekly period,” Rekt Capital commented.
Trader Pentoshi added that Bitcoin has now reworked its historically high market cap over the daily period, further reinforcing the “importance” of the current trading range.
$ BTC Market cap touched the close of the ATH in the last candle
Seems important pic.twitter.com/oOISDTrGga
– Pentoshi won’t beg you. hate Dm. DMs are scams (@ Pentosh1) October 16, 2021
“Buy the rumor, sell the news?” “
Meanwhile, not only the end of this week but also the start of the next one should provide some exciting BTC price action.
Related: BREAKING: ProShares Following Valkyrie In Approving Bitcoin Strategy ETF Listing
Monday is the first imaginable launch day for the first approved US Bitcoin exchange-traded fund (ETF) product.
With BTC / USD rising as rumors of the long-awaited green light struck at the end of last week, fears that the episode could turn into a “buy the rumor, sell the news” event remain. This could create volatile trading conditions.
– jeroen blokland (@jsblokland) October 14, 2021
As Cointelegraph reported, concerns also revolve around stopping the debut of physical Bitcoin ETFs next month, which analysts say will prevent the lion’s share of institutional capital from entering the space.