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Bitcoin (BTC) showed strength on Oct. 4 and 5, posting a 5% gain on Oct. 5 and breaking through the $20,000 resistance. The move liquidated $75 million worth of leverage short (bear) positions and it led some traders to predict a potential rally to $28,000.
Shared this descending channel 2 days ago.$BTC has managed to break through the middle line.
Next target = Upper channel trendline = ~21.5k.In case of a breakout, 28k-30k are possible. pic.twitter.com/dyqMLdcXZ4
— ⓗ (@el_crypto_prof) October 4, 2022
As described by @el_crypto_prof, the descending channel continues to exert its pressure, but there could be enough strength to test the upper channel trendline at $21,500. The price action coincided with improving conditions for global equity markets on Oct. 4, as the S&P 500 index gained 3.1% and the tech-heavy Nasdaq Composite rallied 3.3%.
Curiously, the sentiment improvement happened while the United States job openings dropped by 1.1 million in August, accor
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