Bitcoin Price Analysis August Week 3

The present price of Bitcoin (BTC) is 21,212.49 which has declined by approximately 8% lower than its Realized Price during the previous 24 hours. It was witnessed in July that the asset dropped below the realized price, at the moment nearly $21,800, following its advancement above this level for continuous 23 days. Glassnode, an-chain analytics venue, published a chart displaying that the actual price of the token had fallen under the realized price for another time. The Fear and Greed Index has also bent down on the negative side once again and presently it is at 29.

Bitcoin’s History Repeats Itself

As per the venue, the present realized price for the top cryptocurrency is almost $21,700, indicating that the market is even now recovering the aggregate losses. Previously the respective realized price was set at 23,800. Currently, Bitcoin is endeavoring to gather support close to the realized price. The earliest support line was formed by the realized price during the fall of Bitcoin in May, rapidly after the collapse of Terra (LUNA) – presently rebranded as Terra Classic (LUNC).

As history is repeating itself at least in the case of the price chart, it has not yet been witnessed if the recent interesting points will keep on playing a significant role. Moving average (MA) of 200 weeks is one of them and was considered to be a hard-earned support level witnessed in July nonetheless currently it appears to be lost all at once. In the latter days of July, the moving average of 50 days was cleared and its present position is $22,260 – higher than the spot price.

Bitcoin Touches $25,000 But Falls Back

In the recent two weeks, a good relief rally was made by Bitcoin however the bearish trend has normally been around every time. The advancement of Bitcoin this month when it hit the figure of $25,000 remained surrounded by the shadows of a bearish trend, according to Philip Swift (a market analyst). During the previous years, the price of the top cryptocurrency has witnessed a drop from its realized price several times and the recent four occasions take into account August and June/July of this year, March 2020, and December of 2018.

In a historical context, a decline lower than the realized price of BTC has denoted cycle lows. After such lows, upside bounces have been witnessed and it has reached its all-time highs at times. Nevertheless, the duration of the lowered price differs from one occasion to another. In 2018, the asset took 4 months to bounce back but the span during 2020’s March was of 2 weeks. In June this year, BTC remained lower than its realized price for 1 month in advance of a short upside.