• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Bitcoin

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

Hououin Kyouma by Hououin Kyouma
3 months ago
in Bitcoin
Reading Time: 3 mins read

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

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: This Bullish Bitcoin Technical Signal Suggests The Bottom Is In

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
Tags: bitcoinbitcoin rallyBitcoin Realized PriceBitcoin whalesbtcbtcusd
Tweet123Share196ShareSend
Hououin Kyouma

Hououin Kyouma

Kyouma is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Kyouma has been writing for many years, first as a hobbyist and later as a freelancer. He obtained a bachelor's in physics in 2022 and is planning on starting a master's in the same field in the near future. Kyouma is enthusiastic about the cryptocurrency industry and holds an active interest in on-chain analysis. His hobbies include gaming, anime, and football. You can find Kyouma on Twitter at @Kyouma29.

Related Posts

Bitcoin (BTC)

Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations

15 hours ago
Bitcoin (BTC)

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

1 week ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

1 week ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

1 week ago
Bitcoin Core

Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future

1 week ago
Bitcoin (BTC)

JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

2 weeks ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    6 days ago
  • Willing to buy new crypto: Here are the best 10...

    7 days ago
  • Best Crypto Meme Coin Presales in 2023

    7 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Crypto Enthusiast Considers TMS Network (TMSN) A Great...

    2 hours ago
  • Kava vs. AltSignals. Which Token Has a Better Chance To 10x...

    3 hours ago
  • Investors Troop To Sparklo (SPRK) Amid Binance Coin (BNB)...

    3 hours ago
  • Can Mooky.io Outpace Dogelon Mars (ELON) and Big Eye Coin...

    13 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    13 hours ago

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.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 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.