Bitcoin bulls celebrated BTC’s push through a long term trendline resistance, but has anything actually changed?
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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 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 to $20,365 comes as the Dow, S&P 500 and Nasdaq closed the day with
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