Data from Cointelegraph Markets Pro and TradingView showed the price of BTC/USD rose overnight to face $21,700.
This level, coinciding with the achieved price, marked a key reversal zone to target for the bullish continuation the previous day, but at the time of writing, Bitcoin did not have to breach it or convincingly turn into support.
“At the realized price again,” summarized the analyst Root along with a chart showing the interaction between the realized price and the spot price during previous bear markets.
Root noted that 2022 has so far seen significantly less time to price achieved than in 2018 or 2014.
The subsequent post contained a more optimistic forecast, as the 90-day change in price now achieved reached historically prior levels in the extended upward trend of prices.
Root added that this now constitutes a “macro signal”.
Checked price chart for BTC/USD. Source: Glassnode
As Cointelegraph reported, several long-term trendlines that include daily BTC/USD are already flashing higher, leading some to believe that more significant losses may not materialize.
Aurelien O’Hayun, CEO of software company XOR Strategy, also cited the correlation between spot price and the 200-day simple moving average (SMA) on the day as a strong signal for a bull.
As with Root’s realized price results, the depth between the 200 SMA and the position is now echoing the behavior at the 2018 and 2014 overall lows, as illustrated along with a comparative chart from the XOR strategy.
Ohayon has long advocated the start of a massive bull run on Bitcoin, a perspective that has drawn huge criticism on social media in recent months.
Illustrative chart of BTC/USD with 200 SMA. Source: Aurelien Ohayon / Twitter
Markets are preparing for Fed Jackson Holecomments
Coming back to the short-term spot price, trader and analyst Il Capo of Crypto has stuck to expecting a recovery of $22,000 before entering the massive pullback.
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Cointelegraph contributor Michael van de Poppe, who had previously hoped for $21,500 in support, warned that upcoming macro events would be “decisive” for BTC.
This came in the form of the US Federal Reserve’s annual Jackson Hole symposium and accompanying comments on Jerome Powell’s poetry scheduled for August 26.
In addition, personal consumption expenditures (PCE) price index data and fluctuations around the parity between the US dollar and the euro were items to watch, he told his Twitter followers that day.
The US Dollar Index (DXY), which enjoyed a rebound the previous day, reversed its gains to hit a new local low.