Bitcoin (BTC) expects a central weekly close on October 17 as bulls struggle to crush the last resistance ahead of all-time highs.
Weekly candlestick chart BTC / USD (Bitstamp). Source: TradingView
Bitcoin is getting closer to eliminating the last resistance
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fluctuated over the weekend and was well above $ 60,000.
The end of this week has already been sealed as a deal breaker and probably a record high – just one time before Bitcoin closed its weekly light above the $ 60,000 mark.
In the remaining hours, analysts prepared for a potentially pivotal moment that could open the way into unknown territory for the bulls.
Rekt Capital commented: “Another daily BTC that closes above the red mark today, Bitcoin will confirm an eruption beyond the last major resistance in the weekly time frame.”
Annotated 1-day BTC / USD candlestick chart (Coinbase). Source: Rekt Capital / Twitter
Trader Bentoshi added that Bitcoin has now revisited its high market value over time in the daily time frame and has reinforced the “importance” of the current trading area.
“Buy a rumor, sell news?”
Meanwhile, not only at the end of this week, but also at the beginning of the next day, there is an exciting movement in the price of BTC.
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Monday marks the closest possible launch day for the first U.S. ETF-certified product.
As BTC / USD rallies after rumors of the long-awaited green light emerged late last week, there are still concerns that the cycle could turn into a “buy rumor and sell news” event. This can lead to unstable trading conditions.
As Cointelegraph reports, there are doubts that regulators will stop the launch of physical Bitcoin ETFs next month, which analysts say will stop much of the institutional capital from entering space.