Bitcoin (Bitcoin) Facing a critical weekly closing price on October 17, the bulls scrambled to squeeze the final resistance before the all-time high.
Bitcoin is about to clear the final resistance
This week’s closing price has been considered a deal breaker and may be the highest level ever-there was only one Bitcoin closing price above the $60,000 mark before.
With a few hours left, analysts are preparing for a potentially critical moment that may open the way to uncharted territory for the bulls.
“Later today, when Bitcoin closes again above the red zone, Bitcoin will confirm the breakthrough of its final major resistance on the weekly timeline,” Rekt Capital Comment.
Trader Pentoshi added that Bitcoin has now corrected its historically highest market value within the daily time frame, further strengthening the “importance” of the current trading range.
Bitcoin Market value hits the closing price of ATH in the last candle
Looks important pic.twitter.com/oOISDTrGga
— Pentoshi will not call you. Hate Dm. DM is a scam (@Pentosh1) October 16, 2021
“Buy rumors, sell news?”
At the same time, not only this weekend, but also the beginning of next week, are expected to provide exciting BTC price trends.
Monday is the earliest release date of the first approved US Bitcoin Exchange Traded Fund (ETF) product.
As the BTC/USD climbed, because the long-awaited approval came out late last week, people still worry that this event will turn into a “buy rumor, sell news” event. This can provide fluctuating trading conditions.
— Jeron Brockland (@jsblokland) October 14, 2021
As Cointelegraph Report, Concerns also revolve around regulators stopping the debut of the physical Bitcoin ETF next month, which analysts say will prevent most institutional capital from entering the field.