Market

BTC Price Targets Weekly closing price above $ 60,000 before the Bitcoin ETF mayhem

Bitcoin will have an important weekly close on October 17th. Bulls try to break the last stand before ATH. BTC

diagram BTC price 4 hours | Source: TradingView

Bitcoin included delete the last resistance

Data from TradingView shows that BTC was mostly over $ 60,000 all weekend.

This week’s closing price is said to be important, possibly an all-time high, as Bitcoin only finished the weekly candle above the $ 60,000 mark once.

With only a few hours left, analysts are preparing for a potentially pivotal moment that could pave the bulls’ way into uncharted territory.

Rekt Capital commented:

“Today’s closing price above the red zone will help Bitcoin confirm a breakout beyond the last major resistance in the weekly timeframe.”

diagram BTC price 1 day | The source: Rect capital

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

https://twitter.com/Pentosh1/status/1449172561376468992?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“BTC market capitalization reaches ATH When close the candle next. Seems to be important. “

“Buy rumors, sell them” truth? “

In the meantime, interesting BTC price promotions are expected not only this weekend, but also at the beginning of next week.

Monday could be the day the first US Bitcoin Exchange Traded Fund (ETF) product hits the market.

As Bitcoin price escalates like last weekend’s long-awaited rumors, fears that it could become a “buy the rumor, sell the truth” event are likely to create massive volatility.

https://twitter.com/jsblokland/status/1448750468537241613?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“Poll! Is the SEC approval of a Bitcoin ETF a“ buy the rumor, sell the truth ”event? particularly are not? 55.7% yes. 44.3% no “

Additionally, there are doubts that regulators will stop introducing a physical Bitcoin ETF next month, which analysts say will prevent most of the institutional capital from entering the area.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.