Glassnode reported in their weekly on-chain BTC analysis that BTC is beginning to test its realized price – another key market indicator that could signal the end of the bear market. In its history, BTC has only traded below its realized price at its deepest bear depth. This could mean that the worst is over.
BTC is breaking important resistances and setting up new support zones on the 4H, and is testing a key price point in the weekly (200 SMA). With a confluence of resistances around the key area of $22.6-22.7k, I do not expect BTC to break resistance upon the first attempt. However, a key indicator to watch is if BTC breaks and holds above the $22.7k mark on the weekly chart.
Let’s look at the [charts](https://t.me/midas_announcements/742) to get into more detail.
**Support Zones**:
* $20.5k
* $20k
* $17k
**Resistance Zones**
* $22.7k
* 29k