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 from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair was fluctuating throughout the weekend, crucially staying above $ 60,000.
This week’s close was already forecast to be a deal breaker, potentially 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,” commented Rekt Capital.
Trader Pentoshi said 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 cap touched ATH close in the last candle
Seems important pic.twitter.com/oOISDTrGga
– Pentoshi Won’t Dm You. hates Dm’s. DM’s 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.
Monday marks the earliest conceivable launch day for America’s first approved Bitcoin exchange-traded fund (ETF) product.
With the BTC / USD pair rising as rumors of the long-awaited approval arrived at the end of 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 ETF by the SEC is a classic ‘buy the rumor, sell the fact’ event? #BitcoinETF
– jeroen blokland (@jsblokland) October 14, 2021
As Cointelegraph reported, doubts 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 crypto ecosystem.