Bitcoin’s Price Had Its Best Weekly Close In History: Analysis

Bitcoin’s price had its best weekly close in history as the markets are started to heat up following the closing candle so let’s read more in our latest Bitcoin news today.

Bitcoin’s price had its best weekly close and held above $60K for most of the weekend but the late Sunday slump threatened to wipe out the gains. The dip to $59K didn’t last long and the Bitcoin price marched higher again during the early Asian trading sessions. The candle closed at $60,856 which is much higher than the previous weekly high in April. Back then, BTC’s price pushed on to reach a new high of $65K and at the current price around $62K while BTC is just 4% away from making a new record price high.

The recent momentum was driven by the increasing likelihood of BTC futures exchange-traded funds being approved by the US SEC. October 18 was the day that the ProShares BTC strategy ETF will start trading and the Invesco Bitcoin Strategy ETF could be approved and made second in as many days. The decision date for two more exchange-traded funds from VanEck and Valkyrie so there could be several of them that launched at the same time. This move is a huge deal in the crypto industry as it legitimizes the asset class that has been really frowned upon by financial regulators with the next step being to get a physically-backed BTC ETP via the regulatory process and Grayscale already planned one according to the reports.

As recently reported, The latest developments in the US show that there’s a Bitcoin ETF around the corner which is why Bitcoin taps $63K a few hours ago. Most altcoins failed to follow the number one cryptocurrency and the dominance reached a near three-month high. Three days ago, the main cryptocurrency dipped below $55K after getting rejected at the $58K level and the situation changed in the next few days while BTC headed north towards a new multi-month high. Bitcoin neared $58K a few days ago and after a few attempts, it managed to overcome this level. This price rise came amid reports that a Bitcoin Futures ETF will be launched in the US as early as next week.