Does bitcoin price trade past a lengthy term trendline resistance, but has anything changed? 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 back to April 22 or Nov. 15, depending on one’s style of technical analysis.
Bitcoin price USD prediction.
Some traders might be feeling a bit celebratory. Now that the price trades outside of the descending trendline. 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.
A sideways manner where the price has been 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. Bitcoin cash news 4 rallies to $20,365 comes as the Dow, S&P 500 and Nasdaq closed the day with 2% to 3% gains.
Bitcoin price prediction.
As a reminder that short-term price action is not necessarily reflective of a larger trend change. However, Coin Metrics said: Despite the Oct. 4 “all-in rally” in stocks and crypto markets, more significant. Bitcoin price trade past a lengthy However Fears of global runaway inflation. Bitcoin price news Rising interest rates and other economic concerns. Continue to suppress investors. Appetite for interacting with needs. A fact that is reflected in Q3 results. On Oct. 5, OPEC announced.
Plans to cut oil production by 2 million barrels per day, which is roughly equivalent to 2% of the global oil demand. Oil stocks rallied at the announcement. Bitcoin news But the White House is likely concerned that the reductions will complicate the Federal Reserve’s fight against inflation and possibly contribute to higher petrol prices. Generally.
Bitcoin price USD.
Institutional investors like Citi and Goldman Sachs expect volatility in equities markets to continue, and both have revised down their end-of-year targets for the S&P 500, while investors are still predicting a down year in 2023. All said inflation remains high across the globe. Bitcoin news in Pakistan However corporate earnings expectations are being adjusted to the downside, and the Fed appears confidently resolute in its current plans for reducing inflation. None of these developments are conducive to boosting investors’ risk sentiment.
Given Bitcoin’s correlation with equities markets and sensitivity to bearish economic news flow, it seems unlikely that BTC breaking through the descending trendline is a sign of a trend change. Bitcoin news today’s more convincing development would be a range break and a series of daily closes above $25,000.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Bitcoin news latest Every investment and trading move involves risk. Bitcoin price trade past a lengthy you should conduct your research when making a decision.