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.

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.

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.

$ BTC Market capitalization hits ATH close to the last candle

Seems important pic.twitter.com/oOISDTrGga

– Pentoshi won’t condemn you. hate DMs. DM is a scam (@ Pentosh1) October 16, 2021

“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.

Opinion poll! Admission of a #bitcoin Is the SEC-ETF a classic “buy the rumor, sell the truth” event? #BitcoinETF

– jeroen blokland (@jsblokland) October 14, 2021

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.