Bitcoin prices have held onto recent gains this weekend, hitting a new high for the year during the Asian trading session on Monday morning.
The move has put another cohort of BTC buyers in the profit zone. According to Glassnode, those who bought Bitcoin in 2019 are back in the green. 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, and prices need to move above $28K for the pool to see a gain on holdings. Buyers as of 2021 are in the red on average and will not see a profit until BTC prices approach $38K.
We can calculate the average acquisition price of #Bitcoin by tracking exchange withdrawals.
The chart below shows the average withdrawal price for investors for each year.
The average class of 2019+ $BTC now back in profit (at $21.8k)
📊 Live chart: https://t.co/yuhvydV70c pic.twitter.com/skjrM6w5lH
– glass node (@glassnode) January 29, 2023
Bitcoin Approaches a 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 starting price for those two was $21,000, while the overall average trade 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 Graphicsjust above current levels.
The 200wma has been a key long-term support zone during bear cycles. BTC prices fell lower during this cycle and have yet to recover this crucial technical area.
However, Bitcoin has regained its realized price level, which currently sits at $19,777. The realized price is the value of all BTC in circulation at the price at which the coins last moved. It can also be viewed as an estimate of what all market participants paid for their BTC.
Market sentiment remains positive, with Bitcoin maintaining gains and hitting a new high by 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 closes at $24K
The largest cryptocurrency hit $23,955 during the Asian trading session on Monday morning, according to CoinGecko. It is the highest price Bitcoin has traded at since mid-August, last time it topped $24K.
BTC was changing hands for $23,678 at the time of writing, after a 2% gain in the last 24 hours. It has now achieved a 42.7% increase over the last month.
Additionally, total crypto market capitalization rose 2.2% on the day to $1.11 trillion.
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