Will bulls take charge now that Bitcoin price trades above a long-term trendline resistance?

On Oct. 4 and 5, Bitcoin (BTC) took another step through the $20,000 mark, bringing the price above a long-term descending trendline that stretches all the way back to April 22 or Nov. 15, depending on one’s style of technical analysis.

Some traders might be feeling a bit celebratory now that the price trades outside of the descending trendline, but have any relevant metrics or macro factors changed enough to support a bullish point of view for Bitcoin price?

In reality, BTC price simply “consolidated” its way through the trendline by trading in a sideways manner where price has been range bound between $18,500 and $24,500 for the past 114 days.

Direction-wise, Bitcoin and Ether (ETH) tend to trade in tandem with equities, and BTC’s Oct. 4 rally t