HomeCryptoBTC price eyes all-time high weekly close above $60K ahead of Bitcoin...

BTC price eyes all-time high weekly close above $60K ahead of Bitcoin ETF turbulence

Bitcoin (BTC) faces a pivotal weekly close on Oct. 17 with bulls scrambling to squash last resistance earlier than all-time highs. 

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

Bitcoin on the cusp of clearing last resistance

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD ranging all through the weekend, crucially staying above $60,000.

This week’s close was already tipped to be a deal-breaker, probably being its highest ever — solely as soon as earlier than has Bitcoin ended a weekly candle above the $60,000 mark.

With hours left to go, analysts had been bracing for a probably pivotal second, one that might open up the trail to uncharted territory for bulls.

“Another BTC Daily Close above the red area later today and Bitcoin will have confirmed a break beyond its final major resistance on the Weekly timeframe,” Rekt Capital commented.

BTC/USD 1-day annotated candle chart (Coinbase). Source: Rekt Capital/ Twitter

Fellow dealer Pentoshi added that Bitcoin has now retouched its all-time high market cap on the every day timeframe, additional reinforcing the “importance” of the present buying and selling vary.

“Buy the rumor, sell the news?”

Meanwhile, not simply the tip of this week but in addition the start of the following is tipped to supply thrilling BTC price motion.

Related: BREAKING: ProShares follows Valkyrie in approval for itemizing Bitcoin Strategy ETF

Monday constitutes the earliest conceivable launch day for the primary authorised United States Bitcoin exchange-traded fund (ETF) product.

With BTC/USD climbing as rumors of the long-awaited go-ahead hit late final week, issues that the episode will flip right into a “buy the rumor, sell the news” occasion stay. This may present for unstable buying and selling circumstances.

As Cointelegraph reported, misgivings additionally revolve round regulators halting the debut of bodily Bitcoin ETFs subsequent month, one thing which analysts say will cease the lion’s share of institutional capital from getting into the area.