BTC price reaches all-time high weekly close of $60K ahead Bitcoin ETF turbulence
Data shows that Sunday’s close of above $60,000 should be enough to guarantee a record weekly close.
Bitcoin (BTC), which is closing at a pivotal weekly close Oct. 17, will see bulls scrambling for support before the all-time highs. BTC/USD 1-week candle chart (Bitstamp). Source: TradingViewBitcoin at the threshold of clearing final resistance. Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD traded in a range throughout the weekend, but remained above $60,000. This could be a pivotal moment for bulls. Rekt Capital stated that if Bitcoin’s daily close is above the red area, it will confirm that Bitcoin has broken beyond its last major resistance on the Weekly timeframe. Source: Rekt Capital/ TwitterFellow trader Pentoshi added that Bitcoin has now retouched its all-time high market cap on the daily timeframe, further reinforcing the “importance” of the current trading range.$BTC Market cap touched ATH close in the last candleSeems important pic.twitter.com/oOISDTrGga– Pentoshi Won’t Dm You. Dm’s are a scam (@Pentosh1) October 16, 2021 DM’s are scams (@Pentosh1) October 16, 20, 2121
“Buy the rumor and sell the news” “Buy the rumor, Sell the News”: This episode is still being viewed as a “buying the rumor, selling the news” event. This could lead to volatile trading conditions. Poll! #BitcoinETF– jeroen blokland (@jsblokland) October 14, 2021
Cointelegraph reported that regulators are preventing the launch of physical Bitcoin ETFs next week. Analysts believe this will prevent the largest share of institutional capital, which is a concern, from entering the space.
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