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Bitcoin bull run ‘to reignite’ if BTC secures this price level

Bitcoin bull run ‘to reignite’ if BTC secures this price level

As the geopolitical situation around the world tenses up, the markets respond, including the cryptocurrency sector, with its representative asset, Bitcoin (BTC), leading the bearish sentiment as it has lost nearly 3% this week, but hope for another rally remains.

Specifically, the realized price indicator for BTC warm supply has suggested that Bitcoin needed to secure a sustained close above $28,233 in order to “reignite” the bull run, according to the observations shared by cryptocurrency trading expert Ali Martinez in an X post on October 12.

Bitcoin price action technical analysis. Source: Ali Martinez/Glassnode

It is worth noting that realized price refers to the average price weighted by the supply of what the crypto market participants paid for their digital assets, whereas ‘warm supply’ refers to the less active component of short-term holder supply.

In this case, the warm supply realized price of the maiden cryptocurrency stands at $28,233, suggesting that this is the price level above which the flagship decentralized finance (DeFi) asset needs to close for another shot at a bullish rally.

Bitcoin price analysis

As things stand, the current price of Bitcoin is $26,800, which demonstrates a decline of 0.8% in the last 24 hours, as well as a drop of 3.13% across the previous seven days while gaining 4.07% over the past month, as the latest charts indicate.

Bitcoin 7-day price chart. Source: Finbold

For now, it seems that Bitcoin has some strengthening to do before reaching the above price level, let alone preserving it, and would need to gain an additional 5.35% to its price in order to overtake it. However, movements in this industry can often surprise an unsuspecting spectator.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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