Bitcoin (BTC) faces a fundamental weekly close on October 17 with the bulls scrambling to crush final resistance before all-time highs.
Bitcoin on the cusp of breaking through final resistance
Data of Cointelegraph Markets Pro and TradingView It showed BTC / USD varying throughout the weekend, staying crucially above $ 60,000.
This week's close was already forecast as a deal breaker, potentially being the highest ever - just once before did Bitcoin finish a weekly candle above the $ 60,000 mark.
With hours to go, analysts were bracing for a potentially pivotal moment, one that could open the way to uncharted territory for the bulls.
"Another daily BTC close above the red area later today and Bitcoin will have confirmed a breakout beyond its final major resistance in the weekly time frame," Rekt Capital commented.
His fellow trader Pentoshi added that Bitcoin has now tweaked its all-time high market cap on the daily time frame, further reinforcing the "importance" of the current trading range.
$ BTC Market capitalization touched the close of ATH on the last candle
Seems important pic.twitter.com/oOISDTrGga
- Pentoshi won't bother you. hates Dm's. DMs are scams (@ Pentosh1) October 16, 2021
"Buy the rumor, sell the news?"
Meanwhile, not only the end of this week, but also the beginning of the next, is set to provide exciting BTC price action.
Related: BREAK: ProShares Follows Valkyrie in Approving Bitcoin Strategy ETF List
Monday marks the earliest conceivable launch day for the United States' first approved Bitcoin exchange-traded fund (ETF) product.
With BTC / USD rising as rumors of the long-awaited approval rolled in late last week, concerns remain that the episode will turn into a "buy the rumor, sell the news" event. This could create volatile trading conditions.
Poll! The approval of a #bitcoin SEC ETF is a classic 'buy the rumor, sell the fact' event? #BitcoinETF
- jeroen blokland (@jsblokland) October 14, 2021
As Cointelegraph reported, misgivings also revolve around regulators stopping the debut of physical Bitcoin ETFs next month, something that analysts say will prevent most of the institutional capital from entering the space.
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