BTC price targets record weekly close above $ 60,000 ahead of Bitcoin ETF turmoil

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Bitcoin (BTC) faces a crucial weekly close on October 17 with bulls rushing to smash final resistance ahead of historic highs.

1 week BTC / USD candle chart (Bitstamp). Source: TradingViewBitcoin on the verge of eliminating final resistance

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD fluctuated throughout the weekend, remaining crucially above $ 60,000.

This week’s close was already seen as a deal breaker, potentially only having its high once before, Bitcoin has ended a weekly candle above the $ 60,000 mark.

With hours remaining, analysts were bracing for a potentially pivotal moment, which could pave the way for uncharted territory for the bulls.

“Another daily close of BTC above the red zone later today and Bitcoin will have confirmed a break beyond its last major resistance over the weekly period,” commented Rekt Capital.

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

Trader Pentoshi added that Bitcoin has now reworked its historically high market cap over the daily period, further reinforcing the “importance” of the current trading range.

$ BTC market cap touched the close of the ATH in the last candle

Seems important pic.twitter.com/oOISDTrGga

– Pentoshi won’t beg you. hate DMS. DMs are scams (@ Pentosh1) October 16, 2021 “Buy the rumor, sell the news? “

Meanwhile, not only the end of this week but also the start of the next one should provide some exciting BTC price action.

Related: BREAKING: ProShares Following Valkyrie In Approving Bitcoin Strategy ETF Listing

Monday is the first imaginable launch day for the first approved US Bitcoin exchange-traded fund (ETF) product.

With BTC / USD rising as rumors of the long-awaited green light struck at the end of last week, fears that the episode could turn into a “buy the rumor, sell the news” event remain. This could create volatile trading conditions.

Survey! Is the SEC approval of a #bitcoin ETF a classic ‘buy the rumor, sell the fact’ event? #BitcoinETF

– jeroen blokland (@jsblokland) October 14, 2021

As Cointelegraph reported, concerns also revolve around stopping the debut of physical Bitcoin ETFs next month, which analysts say will prevent the lion’s share of institutional capital from entering the space.

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