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Bitcoin

BTC price hits all-time high, closing week above $ 60,000 before Bitcoin ETF chaos

October 17, 2021 - Around 2 mins mins to read

Bitcoin (BTC) faces a major weekly close on October 17th as the bulls attempt to break the last resistance before the all-time highs.

BTC price hits all-time high, closing week above $ 60,000 ahead of Bitcoin ETF mayhem 5
BTC / USD 1-week candlestick chart (Bitstamp). Source: TradingView

Bitcoin on the verge of overcoming the last resistance

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD fluctuated over the weekend, mostly above $ 60,000.

This week’s closing price has been dubbed a deal breaker, possibly the highest ever – only once before did Bitcoin close a weekly candle above the $ 60,000 mark.

Analysts are waiting only a few hours for a potentially decisive moment that could pave the way for the bulls into uncharted territory.

“Another BTC closes above the red zone daily and Bitcoin will confirm a break above its last major resistance in the weekly timeframe,” said Rekt Capital commented.

BTC price hits all-time high, closing week above $ 60,000 before Bitcoin ETF chaos
1-day BTC / USD annotated candlestick chart (Coinbase). Source: Rekt Capital / Twitter

Trading colleague Pentoshi added that Bitcoin has now corrected to its all-time high market capitalization in the daily timeframe, further adding to the “importance” of the current trading range.

“Buy rumors, sell news?”

In the meantime, not only this weekend but also the beginning of next week will have an interesting BTC price promotion.

Related: BREAKING: ProShares Follows Valkyrie to Approve Bitcoin Strategy ETF Listing

Monday is the earliest imaginable start date for the first approved US Bitcoin Exchange Traded Fund (ETF) product.

With BTC / USD soaring as rumors of the long-awaited hack last weekend, fears remain that this episode could turn into a “buy the rumor, sell the news” event. This can lead to unstable trading conditions.

As Cointelegraph reported, doubts also revolve around regulators stopping physical Bitcoin ETFs next month, which analysts say will prevent most of institutional capital from blowing up.

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.

Bitcoin

BTC price hits all-time high, closing week above $ 60,000 before Bitcoin ETF chaos

Bitcoin (BTC) faces a major weekly close on October 17th as the bulls attempt to break the last resistance before the all-time highs.

BTC price hits all-time high, closing week above $ 60,000 ahead of Bitcoin ETF mayhem 5
BTC / USD 1-week candlestick chart (Bitstamp). Source: TradingView

Bitcoin on the verge of overcoming the last resistance

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD fluctuated over the weekend, mostly above $ 60,000.

This week’s closing price has been dubbed a deal breaker, possibly the highest ever – only once before did Bitcoin close a weekly candle above the $ 60,000 mark.

Analysts are waiting only a few hours for a potentially decisive moment that could pave the way for the bulls into uncharted territory.

“Another BTC closes above the red zone daily and Bitcoin will confirm a break above its last major resistance in the weekly timeframe,” said Rekt Capital commented.

BTC price hits all-time high, closing week above $ 60,000 before Bitcoin ETF chaos
1-day BTC / USD annotated candlestick chart (Coinbase). Source: Rekt Capital / Twitter

Trading colleague Pentoshi added that Bitcoin has now corrected to its all-time high market capitalization in the daily timeframe, further adding to the “importance” of the current trading range.

“Buy rumors, sell news?”

In the meantime, not only this weekend but also the beginning of next week will have an interesting BTC price promotion.

Related: BREAKING: ProShares Follows Valkyrie to Approve Bitcoin Strategy ETF Listing

Monday is the earliest imaginable start date for the first approved US Bitcoin Exchange Traded Fund (ETF) product.

With BTC / USD soaring as rumors of the long-awaited hack last weekend, fears remain that this episode could turn into a “buy the rumor, sell the news” event. This can lead to unstable trading conditions.

As Cointelegraph reported, doubts also revolve around regulators stopping physical Bitcoin ETFs next month, which analysts say will prevent most of institutional capital from blowing up.

.

.

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