Bitcoin (BTC) faces a pivotal weekly shut on Oct. 17 with bulls scrambling to squash closing resistance earlier than all-time highs. 

BTC/USD 1-week candle chart (Bitstamp). Supply: TradingView

Bitcoin on the cusp of clearing closing resistance

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD ranging all through the weekend, crucially staying above $60,000.

This week’s shut was already tipped to be a deal-breaker, probably being its highest ever — solely as soon as earlier than has Bitcoin ended a weekly candle above the $60,000 mark.

With hours left to go, analysts have been bracing for a probably pivotal second, one that would open up the trail to uncharted territory for bulls.

“One other BTC Every day Shut above the pink space later at the moment and Bitcoin may have confirmed a break past its closing main resistance on the Weekly timeframe,” Rekt Capital commented.

BTC/USD 1-day annotated candle chart (Coinbase). Supply: Rekt Capital/ Twitter

Fellow dealer Pentoshi added that Bitcoin has now retouched its all-time excessive market cap on the each day timeframe, additional reinforcing the “significance” of the present buying and selling vary.

“Purchase the rumor, promote the information?”

In the meantime, not simply the top of this week but additionally the start of the following is tipped to supply thrilling BTC value motion.

Associated: BREAKING: ProShares follows Valkyrie in approval for listing Bitcoin Strategy ETF

Monday constitutes the earliest conceivable launch day for the primary accredited United States Bitcoin exchange-traded fund (ETF) product.

With BTC/USD climbing as rumors of the long-awaited go-ahead hit late final week, considerations that the episode will flip right into a “purchase the rumor, promote the information” occasion stay. This might present for risky buying and selling circumstances.

As Cointelegraph reported, misgivings additionally revolve round regulators halting the debut of bodily Bitcoin ETFs subsequent month, one thing which analysts say will cease the lion’s share of institutional capital from getting into the house.