Bitcoin (BTC) approached $22,000 on Aug. 25, as realized price provided the next major hurdle for the bulls.
The price realized inspires confidence
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair rallied overnight to take on the $21,700 level.
That level, which coincides with realized price, had marked the key pivot zone for bullish continuation the previous day, but at the time of writing, Bitcoin had yet to push past it or convincingly turn it into support.
“At the price made again”, summarized Analyst Root next to a chart showing the interaction between realized price and spot price during previous bear markets.
2022 had so far seen noticeably less time below realized price than 2018 or 2014, Root noted.
A post post contained a more hopeful forecast, with the 90-day change in realized price now reaching levels that historically precede extended price rally.
This, Root added, now constituted a “macro signal.”
As Cointelegraph reported, several long-term trend lines involving the daily BTC/USD pair had already turned bullish, leading some to believe that further significant losses may not materialize.
Aurelien Ohayon, CEO of software company XOR Strategy, also cited the relationship between spot and its 200-day simple moving average (SMA) on the day as a strong bullish sign.
As with Root’s realized price findings, the depth between the 200 SMA and spot was now echoing the behavior in the 2018 and 2014 macro funds, explained along with a comparison chart of XOR Strategy.
Ohayon had long called for a major bull run to begin for Bitcoin, a prospect that has earned him significant criticism on social media in recent months.
Markets brace for Jackson Hole Fed comments
Meanwhile, going back to the short-term spot price, Crypto trader and analyst Il Capo held to a prediction that they would rebound to the $22,000 level before a significant downturn entered.
$BTC pic.twitter.com/1sgiI3DIy0
— il Capo Of Crypto (@CryptoCapo_) August 24, 2022
Cointelegraph contributor Michaël van de Poppe, who had previously expected the $21,500 level to hold as support, now warned that upcoming macro events would be “crucial” for BTC.
These came in the form of the US Federal Reserve’s annual Jackson Hole Symposium and associated remarks by Chairman Jerome Powell, to be held on August 26.
Also, Personal Consumption Expenditures (PCE) price index data and swings around the US dollar/euro parity were items to watch, said to his Twitter followers that day.
The US dollar index (DXY), which enjoyed a bounce the previous day, reversed its gains to post a new local low.
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