{"id":556653,"date":"2023-10-23T18:30:07","date_gmt":"2023-10-23T18:30:07","guid":{"rendered":"https:\/\/ktsl888.com\/?p=556653"},"modified":"2024-06-11T08:03:56","modified_gmt":"2024-06-11T08:03:56","slug":"35000-the-next-key-level-break-bitcoin-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/35000-the-next-key-level-break-bitcoin-why\/","title":{"rendered":"$35,000 The Next Key Level To Break For Bitcoin, Here’s Why"},"content":{"rendered":"

Bitcoin has now broken the $31,000 mark with its latest rally. According to on-chain data, the level could be the next major milestone for BTC.<\/p>\n

Bitcoin Realized Price Of 2021 Holders Is $35,000 At The Moment<\/h2>\n

In a new post<\/a> on X,\u00a0 analyst James V. Straten has discussed the profit\/loss situation of the different yearly Bitcoin buyer cohorts. The indicator of interest here is the “realized price<\/a>,” which keeps track of the average price at which investors in the BTC market bought their coins.<\/p>\n

When the asset’s spot price is below this metric, the average holder in the sector is at a loss right now. On the other hand, it being above the indicator suggests the dominance of profits among the investors.<\/p>\n

Related Reading: Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today<\/a><\/div>\n

Here, Straten hasn’t shared the chart for the ordinary realized price for the entire circulating supply but rather a few versions of the metric that only consider buyers since the start of a particular year. The chart below shows the trend in the Bitcoin realized price for each year since 2017.<\/p>\n

\"Bitcoin<\/p>\n

The data for the different realized price levels | Source: @jimmyvs24 on X<\/a><\/pre>\n
As is visible in the graph, the Bitcoin realized price for all years except 2021 is below the current spot price of the cryptocurrency. This implies that the different yearly cohorts of the asset are holding their coins at some net unrealized profit.<\/p>\n
The latest groups to enter into a state of profit have been the 2022+ and 2023+ ones. The 2021+ group has a realized price of about $35,000 at the moment, which is still a significant distance away, but as Straten has noted, the gap between the spot price and the metric is now the narrowest since the two diverged back at the start of the bear market<\/a>.<\/p>\n
Interestingly, during the peak in 2021, this group’s cost basis was around $48,000. The analyst suggests their realized price, since decreasing significantly, indicates some impressive Dollar-Cost Averaging (DCA) in the market.<\/p>\n
In on-chain analysis, major cost basis levels have always played an important role, as the BTC spot price has often observed support or resistance on retests of them.<\/p>\n
The chart shows that the Bitcoin price had found support at the 2023+ realized price back in June. The recent seemingly endless consolidation that BTC saw before the latest rally<\/a> happened around the 2022+ and 2023+ metrics after they had overlapped.<\/p>\n
Related Reading: Bitcoin Price\u2019s Next Move Up Will Be Extremely Explosive: Galaxy<\/a><\/div>\n
Given the historical examples, the 2021+ may realize price will cause the price to react somehow when it eventually reaches there. Thus, the $35,000 level would be a significant milestone for the asset, as successfully claiming it could imply clear waters ahead for the cryptocurrency.<\/p>\n
At the same time, however, the chances of participants buckling and harvesting their gains are increasing with all these groups coming into profits. Such profit-taking can lead to a pullback in the price, at least in the short term.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading at around $31,200, up 11% in the past week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has enjoyed some sharp upwards momentum in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has now broken the $31,000 mark with its latest rally. According to on-chain data, the level could be the next major milestone for BTC. Bitcoin Realized Price Of 2021 Holders Is $35,000 At The Moment In a new post on X,\u00a0 analyst James V. Straten has discussed the profit\/loss situation of the different yearly Bitcoin buyer cohorts. The indicator of interest here is the “realized price,” which keeps track of the average price at which investors in the BTC market bought their coins. When the asset’s spot price is below this metric, the average holder in the sector is at a loss right now. On the other hand, it being above the indicator suggests the dominance of profits among the investors. Related Reading: Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today Here, Straten hasn’t shared the chart for the ordinary realized price for the entire circulating supply but rather a few versions of the metric that only consider buyers since the start of a particular year. The chart below shows the trend in the Bitcoin realized price for each year since 2017. The data for the different realized price levels | Source: @jimmyvs24 on X As is visible in the graph, the Bitcoin realized price for all years except 2021 is below the current spot price of the cryptocurrency. This implies that the different yearly cohorts of the asset are holding their coins at some net unrealized profit. The latest groups to enter into a state of profit have been the 2022+ and 2023+ ones. The 2021+ group has a realized price of about $35,000 at the moment, which is still a significant distance away, but as Straten has noted, the gap between the spot price and the metric is now the narrowest since the two diverged back at the start of the bear market. Interestingly, during the peak in 2021, this group’s cost basis was around $48,000. The analyst suggests their realized price, since decreasing significantly, indicates some impressive Dollar-Cost Averaging (DCA) in the market. In on-chain analysis, major cost basis levels have always played an important role, as the BTC spot price has often observed support or resistance on retests of them. The chart shows that the Bitcoin price had found support at the 2023+ realized price back in June. The recent seemingly endless consolidation that BTC saw before the latest rally happened around the 2022+ and 2023+ metrics after they had overlapped. Related Reading: Bitcoin Price\u2019s Next Move Up Will Be Extremely Explosive: Galaxy Given the historical examples, the 2021+ may realize price will cause the price to react somehow when it eventually reaches there. Thus, the $35,000 level would be a significant milestone for the asset, as successfully claiming it could imply clear waters ahead for the cryptocurrency. At the same time, however, the chances of participants buckling and harvesting their gains are increasing with all these groups coming into profits. Such profit-taking can lead to a pullback in the price, at least in the short term. BTC Price At the time of writing, Bitcoin is trading at around $31,200, up 11% in the past week. Looks like BTC has enjoyed some sharp upwards momentum in the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":556667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6481,86297,1119,1144],"class_list":["post-556653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rally","tag-bitcoin-realized-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n$35,000 The Next Key Level To Break For Bitcoin, Here's Why<\/title>\n<meta name=\"description\" content=\"Bitcoin has neared $31,000 with its latest rise. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"$35,000 The Next Key Level To Break For Bitcoin, Here’s Why","url":"http:\/\/ktsl888.com\/news\/35000-the-next-key-level-break-bitcoin-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/35000-the-next-key-level-break-bitcoin-why\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/kanchanara-GnWfl_nnZro-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin rally","bitcoin realized price","btc","btcusd"],"dateCreated":"2023-10-23T18:30:07Z","datePublished":"2023-10-23T18:30:07Z","dateModified":"2024-06-11T08:03:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"$35,000 The Next Key Level To Break For Bitcoin, Here’s Why\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/35000-the-next-key-level-break-bitcoin-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/35000-the-next-key-level-break-bitcoin-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/kanchanara-GnWfl_nnZro-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin rally\",\"bitcoin realized price\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-10-23T18:30:07Z\",\"datePublished\":\"2023-10-23T18:30:07Z\",\"dateModified\":\"2024-06-11T08:03:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/556653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=556653"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/556653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/556667"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=556653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=556653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=556653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}