Will the bulls take matters into their own hands now that Bitcoin price is trading above long-term trendline resistance?

Bitcoin bulls celebrated BTC's push through long-term trendline resistance, but did something happen? actually changed?

BTC/USDT. Source: TradingView
Directionally, Bitcoin and Ether (ETH) tend to trade in tandem with stocks, and BTC's rally on October 4 to $20,365 comes as the Dow, S&P 500 and Nasdaq closed the day with gains of 2% to 3%.

BTC , ETH and S&P 500 correlations. Source: Coin Metrics
As a reminder that short-term price action does not necessarily reflect a larger trend change, Coin Metrics stated:

“Correlations between BTC, ETH and with the S&P 500 have recently increased as the benchmark fell to 3600, which had not been topped since December 2020.”

Despite the October 4 "total rally" in equity and crypto markets, heightened fears of runaway global inflation, rising interest rates and other economic concerns continue to suppress investors' appetites. investors to interact with the markets, a fact that is clearly reflected in the third quarter results.

Crypto Oct 5, 2022 0 87 Add to Reading List

Will the bulls take matters into their own hands now that Bitcoin price is trading above long-term trendline resistance?

Bitcoin bulls celebrated BTC's push through long-term trendline resistance, but did something happen? actually changed?

Directionally, Bitcoin and Ether (ETH) tend to trade in tandem with stocks, and BTC's rally on October 4 to $20,365 comes as the Dow, S&P 500 and Nasdaq closed the day with gains of 2% to 3%.

As a reminder that short-term price action does not necessarily reflect a larger trend change, Coin Metrics stated:

“Correlations between BTC, ETH and with the S&P 500 have recently increased as the benchmark fell to 3600, which had not been topped since December 2020.”

Despite the October 4 "total rally" in equity and crypto markets, heightened fears of runaway global inflation, rising interest rates and other economic concerns continue to suppress investors' appetites. investors to interact with the markets, a fact that is clearly reflected in the third quarter results.