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

Published 10/05/2022, 03:00 PM
Updated 10/05/2022, 04:40 PM
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?

BTC/USDT. Source: TradingView
BTC, ETH and S&P 500 correlations. Source: Coin Metrics
Q3 2022 asset performance. Source: Coin Metrics

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