Bitcoin Price Has Best Weekly Close In History: Analysis

Bitcoin‘s price had its best weekly close in history as the market warmed after the candlelight closed. So keep reading on our latest bitcoin news today.

Bitcoin’s price had its best weekly close, staying above $ 60,000 for most of the weekend, but the late Sunday decline threatens to wipe out gains.

It didn’t take long to drop to $ 59,000 and Bitcoin price rebounded during the early Asian trading sessions. The candle closed at $ 60.856, much higher than the previous weekly high in April. At that time, the price of BTC hit new highs of $ 65,000 and at the current price of around $ 62,000, while BTC was only 4% away from a new all-time high.

The recent momentum has been driven by the growing capacity of the US SEC-approved BTC exchange-traded futures funds. October 18th is the date the BTC ProShares Strategy ETF will start trading and the Invesco Bitcoin Strategy ETF could be approved and take second place for the next few days. Crucial date for two further exchange-traded funds from VanEck and Valkyrie, so that several funds can be launched at the same time. The move is a big deal in the crypto industry as it legitimizes the asset class that has actually been rejected by financial regulators, with the next step being to get physically backed BTC ETPs.

As recently reported, the latest developments in the US suggest there is a Bitcoin ETF nearby, which is why Bitcoin hit $ 63,000 a few hours ago. Most altcoins have failed to keep up with the number one cryptocurrency, and dominance has hit a nearly three-month high. Three days ago, the main cryptocurrency fell below $ 55,000 after being rejected at $ 58,000, and the situation changed over the next few days as BTC headed north to new highs in the near future. Bitcoin hit nearly $ 58,000 a few days ago and after a few tries it managed to break that level. That price spike comes amid reports that a Bitcoin futures ETF will hit the US market early next week.

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