BlocksInform
Bitcoin prices held on to recent gains this weekend, raising to a new peak for the year over the course of the Asian trading session on Monday morning.
The move placed an additional cohort of BTC buyers in the profit zone. Glassnode reports that those who purchased Bitcoin in 2019 are back in the green again. The average withdrawal price for this year was $21,800 based on data from the analysis firm.
Those who purchased in 2020 and 2022 are still in the red on average, and prices must exceed $28,000 for the group to realize an investment benefit. Buyers in 2021 are in the red on average and will not realize any benefits until the BTC prices approach $38,000.
We can calculate the average acquisition price for #Bitcoin by tracking exchange withdrawals.
The graph below shows the average investor withdrawal price per 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 realized exit price for these two was $21,000, while the average cashback price is $16,700.
Also, btc is getting closer to a key technical price level to the 200-week moving average. This currently sits at $24,713, according to Woo Charts, just above current levels.
200wma has been a long-term critical support area during bear cycles. BTC prices have fallen below this cycle and have not yet recovered this critical technical domain.
Bitcoin has recovered its achieved price level, however, which currently stands at $19,777. Realized price is the value of all outstanding BTC at the price of the last moved coins. It may also be thought of as an estimate of what all market participants have 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 – Greed
Current price: $23,780 pic.twitter.com/U5gxN3AwnT
— Bitcoin Fear and Greed Index (@BitcoinFear) January 30, 2023
BTC Shuts down at $24,000.
The biggest cryptocurrency hit $23,955 over the course of the Asian Monday morning trading session, according to CoinGecko. This is the highest price that Bitcoin has traded since the middle of August, the last time it was more than $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 increased by 42.7 per cent in the last month.
In addition, the total capitalization of the crypto market is up 2.2% on the day to 1.11 trillion dollars.
