Bitcoin (BTC<\/a>) climbed back to $20,500 at the Oct. 28 Wall Street open as United States equities sought a stronger finish to the week.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD capitalizing on renewed optimism as markets began trading.<\/p>\n The atmosphere was volatile after tech stocks suffered a major out-of-hours rout<\/a> overnight, Bitcoin managing to avoid sustaining knock-on losses to the same extent.<\/p>\n At the time of writing, the S&P 500 and Nasdaq Composite Index were both up around 1.3%.<\/p>\n \u201cIn this current range bound phase after a prolonged downtrend,\u201d popular trader @CryptoYoddha summarized<\/a> to Twitter followers. <\/p>\n \u201cSmart money\/Institutional players aim to build up or take positions without significantly increasing the price. I’m feeling bullish.\u201d<\/p><\/blockquote>\n Economist, trader and entrepreneur, Alex Krueger meanwhile laid out the likely plan for the days ahead. Crypto, he argued, should retest recent lows before rebounding into important news<\/a> from the Federal Reserve next week.<\/p>\n \u201cThinking crypto lower tomorrow together with stocks, some late Friday hedging, quiet weekend, ETH mid to low 1400s, BTC mid 19000s get bought, then ride higher with the FOMC next week,\u201d part of a tweet read<\/a>. <\/p>\n \u201cUptrend remains.\u201d<\/p><\/blockquote>\n Markets had quietened considerably after Bitcoin hit six-week highs, Cointelegraph reporting<\/a> on the extent of short liquidations executed as a result.<\/p>\n Looking at what could puncture the bullish mood outside of macro, crypto research firm Reflexivity Research placed a special focus on miners.<\/p>\n Related:\u00a03 striking similarities with past Bitcoin price bottoms \u2014 But there\u2019s a catch<\/a><\/em><\/strong><\/p>\n After major mining firm Core Scientific warned<\/a> of liquidity problems, concerns over mining profitability in the face of exploding hash rate continued to surface.<\/p>\n As Cointelegraph noted<\/a>, theories over why hash rate was diverging so much from spot price even included Russia seeking to corner the industry.<\/p>\n \u201cMiners remain the biggest intra-Bitcoin risk to the market in our view,\u201d Reflexivity confirmed<\/a> on the day.<\/p>\n Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile described miners as \u201ccapitulating\u201d \u2014 a status not seen in several months<\/a>.<\/p>\n \u201cMeanwhile; from a technical standpoint, $BTC looks to reach long territories here,\u201d he added about BTC price action. <\/p>\n \u201cSweeping the low and should hold around $19.9K. If that doesn’t grant support, then I’m looking at $19.6K.\u201d<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/ad53575d-2f20-4cde-86be-d20d57331a56.png\")
Bets of $20,000 support fail increas<\/h2>\n
Miners “biggest intra-Bitcoin risk” to the market<\/h2>\n
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