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Bitcoin Buyers Back In Profit From 2019 As BTC Chases $24,000

Bitcoin prices held up recent gains this weekend, climbing to a new yearly high during Monday morning’s Asian trading session.

The move has propelled another cohort of BTC buyers into profitability. 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 the analytics company.

Those who bought in 2020 and 2022 are still in the red on average, with prices needing to surge above $28,000 for the group to make a profit on holdings. 2021 buyers are deep in the red, on average, and won’t see a profit until BTC prices approach $38,000.

We can calculate the average purchase price of #Bitcoin by tracking exchange withdrawals.

The chart below shows the average payout price to investors for each year.

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 is approaching the key technical area

Glassnode also reported that the average withdrawal price on the exchange for Coinbase and Binance was much higher than the overall average.

The realized outflow price for these two was $21,000 while the average IPO price is $16,700 overall.

Additionally, BTC is approaching a key technical price level at the 200-week moving average. According to Woo Charts, it currently sits at $24,713, just above current levels.

The 200wma has been a key long-term support zone during bear cycles. BTC prices tumbled below during this cycle and have yet to recapture this crucial technical area.

However, Bitcoin has regained its realized price level, which currently stands at $19,777. The realized price is the value of all BTC in circulation at the price 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 holding on to 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 closes at $24,000

According to CoinGecko, the top cryptocurrency hit $23,955 during Monday morning’s Asian trading session. It is the highest price Bitcoin has traded at since mid-August, the last time it was above $24,000.

BTC is changing hands at $23,678 at the time of writing, having surged 2% in the past 24 hours. It’s now up a whopping 42.7% over the past month.

Additionally, the total crypto market cap is up 2.2% on the day to $1.11 trillion.

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