Bitcoin Buyers From 2019 Back in Profit as BTC Chases $24K
Bitcoin prices have held onto recent gains this weekend, lifting to a new high for the year during the Monday morning Asian trading session.
The move has placed another cohort of BTC buyers into the profit zone. According to Glassnode, those that bought Bitcoin in 2019 are back in the green again. The average withdrawal price for that year was $21,800, according to data from the analytics company.
Those who bought in 2020 and 2022 are still in the red on average, with prices needing to move above $28K for the group to see a profit on holdings. Buyers from 2021 are deep in the red on average and won’t see a profit until BTC prices approach $38K.
We can calculate the average acquisition price for #Bitcoin by tracking exchange withdrawals.
The chart below shows the average withdrawal price for investors for each year.
The average class of 2019+ $BTC is now back in profit (at $21.8k)
📊Live Chart: https://t.co/yuhvydV70c pic.twitter.com/skjrM6w5lH
— glassnode (@glassnode) January 29, 2023
Bitcoin Approaches Key Technical Area
Glassnode also reported that the average exchange withdrawal price was much higher for Coinbase and Binance than the overall average.
The outflow realized price for those two was $21,000, whereas the overall average exchange withdrawal price is $16,700.
Furthermore, BTC is approaching a key technical price level at the 200-week moving average. This currently sits at $24,713, according to Woo Charts, just above current levels.
The 200wma has been a key long-term support zone during bear cycles. BTC prices dipped below it during this cycle and have yet to reclaim this crucial technical area.
Bitcoin has reclaimed its realized price level, however, which is currently at $19,777. Realized price is the value of all BTC in circulation at the price the coins last moved. It can also be viewed as an estimation of what all market participants paid for their BTC.
Market sentiment remains positive, with Bitcoin holding onto gains and making a new high for 2023.
Bitcoin Fear and Greed Index is 61 – GreedCurrent price: $23,780 pic.twitter.com/U5gxN3AwnT
— Bitcoin Fear and Greed Index (@BitcoinFear) January 30, 2023
BTC Closes on $24K
The largest cryptocurrency touched $23,955 during the Monday morning Asian trading session, according to CoinGecko. It is the highest price Bitcoin has traded at since mid-August, the last time, it was over $24K.
BTC was changing hands for $23,678 at the time of writing, following a 2% gain over the past 24 hours. It has now notched up a whopping 42.7% over the past month.
Furthermore, the total crypto market cap is up 2.2% on the day to $1.11 trillion.
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