Bitcoin (BTC) faces a pivotal weekly close on October. 17, with bulls scrambling to squash final resistance before all-fourth dimension highs.

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

Bitcoin on the cusp of clearing final resistance

Information from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging throughout the weekend, crucially staying above $60,000.

This week'south shut was already tipped to be a deal-breaker, potentially being its highest ever — only once before has Bitcoin ended a weekly candle higher up the $60,000 mark.

With hours left to get, analysts were bracing for a potentially pivotal moment, one that could open up up the path to uncharted territory for bulls.

"Some other BTC Daily Shut above the red area later today and Bitcoin volition accept confirmed a interruption across its final major resistance on the Weekly timeframe," Rekt Capital commented.

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

Fellow trader Pentoshi added that Bitcoin has now retouched its all-fourth dimension loftier market capitalization on the daily timeframe, further reinforcing the "importance" of the current trading range.

"Buy the rumor, sell the news?"

Meanwhile, non but the end of this week but also the beginning of the next is tipped to provide heady BTC price action.

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

Monday constitutes the primeval conceivable launch day for the first approved United states of america Bitcoin substitution-traded fund (ETF) product.

With BTC/USD climbing as rumors of the long-awaited go-ahead hit late final calendar week, concerns that the episode will plow into a "buy the rumor, sell the news" upshot remain. This could provide for volatile trading atmospheric condition.

Every bit Cointelegraph reported, misgivings also circumduct effectually regulators halting the debut of physical Bitcoin ETFs next month, something which analysts say volition stop the lion's share of institutional uppercase from inbound the infinite.