NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

$28.7K Could Be Next Level To Break For Bitcoin, Here’s Why

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

On-chain data suggests the $28,700 mark, which Bitcoin has yet to hit since the LUNA collapse, could be the next major obstacle to clear for the asset.

Bitcoin Has Been Under The $28,700 Level For 310 Days Now

According to data from the on-chain analytics firm Glassnode, the $28,700 is the cost basis (that is, the acquisition price) of a specific whale group in the BTC market. The relevant indicator here is the “realized price,” a value derived from the realized cap, a capitalization model for Bitcoin.

Instead of taking the value of each coin in the circulating BTC supply the same as the current asset price, the realized cap assumes that the “actual” value of any coin is the price at which it was last transacted on the chain.

The realized price is obtained when this metric is divided by the total number of coins in circulation. As the realized cap accounted for the price at which holders bought their coins, that is to say, their cost basis, what the realized price signifies is the cost basis of the average investor in the market.

In the context of the current topic, the realized price has been applied to three whale cohorts to find their average acquisition prices. To better identify the price at which these whales first bought their coins, Glassnode has used their exchange withdrawal transactions as the point at which they acquired their Bitcoin (as exchanges are what holders generally use for buying purposes).

Related Reading

Shiba Inu

Shiba Inu Sees Outflow Of $270 Million From Crypto.com, Bullish Sign?

1 year ago

Now, here is a chart that shows the trend in the Bitcoin realized price of these whale groups over the last couple of years:

Bitcoin Whale Realized Price

The price seems to be approaching the highest of these levels | Source: Glassnode on Twitter

Whales have been put into these three groups based on the period they bought their coins. For example, the 12 March 2020 cohort includes all whales that have acquired their coins between now and then.

As shown in the above graph, the 5 July 2017 whale group has the lowest cost basis at $18,000, below which BTC was stuck during the lows after the FTX collapse. Sometime later, the coin attempted to put together a rise and get above this level, but it found rejection.

Related Reading

bitcoin bullish bottom rsi

This Bullish Bitcoin Technical Signal Suggests The Bottom Is In

1 year ago

However, with the rally this year, BTC finally broke through this level. The rise continued until the cryptocurrency tested the 16 December 2018 whales’ cost basis of $23,800 and found resistance.

From the chart, it’s apparent that the asset struggled around this mark for a while until the sharp price surge of the past week took place, and the asset managed to clear this level.

Now, Bitcoin’s price is above the $28,000 mark, and the coin is fast approaching the cost basis of the final cohort, the 12 March 2020 whales. Given that the other two whale groups provided resistance to the price, it’s possible that the $28,700 cost basis of the last group could also cause trouble to the asset.

BTC Price

At the time of writing, Bitcoin is trading around $28,000, up 9% in the last week.

Bitcoin Price Chart

Looks like BTC has mostly consolidated today | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
Tweet123Share196ShareSend
Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

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’s 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’t 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’t 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.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

암호화폐 스타트업, 지난달 11.5억 달러 자금조달… 다음 ‘ICO 대박주’는 BTC불?

암호화폐 스타트업, 지난달 11.5억 달러 자금조달… 다음 ‘ICO 대박주’는 BTC불?

지난 달은 암호화폐와 웹3 업계가 강세를 보인 달이었다. 6월 한 달간 암호화폐와 웹3 분야 스타트업들이 총 140건의 투자 유치를 통해 11억 5000만 달러를 끌어모았다. 시장...

Soyeon Lee 30 minutes ago
najlepsie kryptomeny na nakup jul 2025

Top 3 najlepšie kryptomeny na investovanie v júli

Napriek viacerým makroekonomickým a geopolitickým výzvam si kryptomeny udržujú rastúci trend. Aktuálne prognózy naznačujú jeho pokračovanie, pričom leto prináša niekoľko...

Nina Šefčíková 39 minutes ago

Первый ETF на Solana запущен: начало бума альткоин-фондов?

Рынок альткоинов активно проникает в традиционные финансы, о чем свидетельствует недавний запуск первого Solana ETF на фондовой бирже Cboe BZX...

lisachaikina 39 minutes ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Dogecoin Breaks $0.17 as Memecoins Rally: TOKEN6900 Joins the Surge

Bitcoin Moves Up, Dogecoin Surges Above Key $0.17 Mark; Token6900 Set to Explode

Aaron Walker 3 minutes ago

Smart Contract Lock and CertiK Audit: The Driving Factors Behind $FUN’s Breakout

News BTC 14 minutes ago
Solana koers stijgt 12% in een week: golden cross wijst op $172

Solana koers stijgt 12% in een week: golden cross wijst op $172

Lars Diederiksen 17 minutes ago

Premium Sponsors

Press Releases

  • A perfect combination! ETHRANSACTION three-coin joint...

    17 minutes ago
  • Gate Launches xStocks Trading Section, Bridging Crypto...

    23 minutes ago
  • 1 Najlepsza kryptowaluta do kupienia przed wzrostem o...

    58 minutes ago
  • Trader Dự Đoán Đúng XRP Giờ Gọi Tên Meme Coin

    Trader Dự Đoán Đúng XRP Giờ Gọi Tên Meme Coin...

    2 hours ago
  • Các Đồng Coin Tiềm Năng: TOKEN6900 Gây Sốt, Gọi...

    2 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.