{"id":520717,"date":"2023-02-23T14:40:09","date_gmt":"2023-02-23T14:40:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=520717"},"modified":"2024-06-11T07:10:00","modified_gmt":"2024-06-11T07:10:00","slug":"bitcoin-on-chain-why-24-7k-major-resistance-btc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-on-chain-why-24-7k-major-resistance-btc\/","title":{"rendered":"Bitcoin On-Chain Data Shows Why $24,700 Is A Major Resistance For BTC"},"content":{"rendered":"

This Bitcoin on-chain indicator may suggest why the $24,750 price level is an important resistance for the cryptocurrency.<\/p>\n

Bitcoin Adjusted Realized Price Is Currently Valued At Around $24,750<\/h2>\n

The relevant indicator here is the “realized price<\/a>,” to understand which, the “realized cap<\/a>” needs to be looked at first. The realized cap is one of the two main capitalization models for Bitcoin (the other being the usual market cap).<\/p>\n

According to the realized cap, the value of each coin in the circulating supply is the price at which it was last moved (and not the current BTC price, as the market cap assumes). This means that the model incorporates the cost basis (the acquisition price) of each investor into the value of the asset.<\/p>\n

Now, if this metric is divided by the total number of coins in circulation, a sort of “realized price” can be obtained. The significance of this price is that it represents the cost basis of the average holder in the market.<\/p>\n

The implication of this is that if the (normal) BTC price dips below the realized price, the average investor enters into a state of loss (and a state of profit for the reverse case).<\/p>\n

While the realized cap somewhat filters out coins that haven’t moved in a long time from the valuation of Bitcoin (as their cost basis will naturally be much lower than that of more recent coins), they still influence its value.<\/p>\n

Related Reading: Bitcoin Rally Fueled By USD Coin (USDC) Rotating Into BTC: Santiment<\/a><\/div>\n

There is an insignificant portion of the BTC supply that has simply been lost due to wallet seed phrases being lost. This supply is likely to never re-enter the market again, meaning that it shouldn’t really have any effects on the price anymore.<\/p>\n

To circumvent this problem, Glassnode has made the “adjusted realized price” metric, as the on-chain analytics firm explained in its newly published report<\/a>. This indicator introduces a simple fix for the lost coins problem: it doesn’t take into account coins that haven’t been moved since more than seven years ago.<\/p>\n

Now, here is a chart that shows the trend in the adjusted Bitcoin realized price over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the BTC price has been approaching this level recently | Source: Glassnode<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin price already crossed above the realized price earlier in the rally, but the coin has only now reached the adjusted version.<\/p>\n
The adjusted realized price is currently $24,750, which is about the level that the asset has been finding rejection at recently. Interestingly, the April 2019 rally<\/a>, which shares a few similarities to the latest rally, also saw a slowdown when it hit the metric’s line, as is visible in the chart.<\/p>\n
Related Reading: Crypto Assets Starting To Become \u201cOverbought,\u201d Santiment Says<\/a><\/div>\n
Levels like this where a large number of investors may have their cost basis close to tend to provide resistance during bearish periods as it is a preferable exit point for such holders after having suffered unrealized losses during the bear plunge previously.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $23,900, down 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC consolidates sideways | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
This Bitcoin on-chain indicator may suggest why the $24,750 price level is an important resistance for the cryptocurrency. Bitcoin Adjusted Realized Price Is Currently Valued At Around $24,750 The relevant indicator here is the “realized price,” to understand which, the “realized cap” needs to be looked at first. The realized cap is one of the two main capitalization models for Bitcoin (the other being the usual market cap). According to the realized cap, the value of each coin in the circulating supply is the price at which it was last moved (and not the current BTC price, as the market cap assumes). This means that the model incorporates the cost basis (the acquisition price) of each investor into the value of the asset. Now, if this metric is divided by the total number of coins in circulation, a sort of “realized price” can be obtained. The significance of this price is that it represents the cost basis of the average holder in the market. The implication of this is that if the (normal) BTC price dips below the realized price, the average investor enters into a state of loss (and a state of profit for the reverse case). While the realized cap somewhat filters out coins that haven’t moved in a long time from the valuation of Bitcoin (as their cost basis will naturally be much lower than that of more recent coins), they still influence its value. Related Reading: Bitcoin Rally Fueled By USD Coin (USDC) Rotating Into BTC: Santiment There is an insignificant portion of the BTC supply that has simply been lost due to wallet seed phrases being lost. This supply is likely to never re-enter the market again, meaning that it shouldn’t really have any effects on the price anymore. To circumvent this problem, Glassnode has made the “adjusted realized price” metric, as the on-chain analytics firm explained in its newly published report. This indicator introduces a simple fix for the lost coins problem: it doesn’t take into account coins that haven’t been moved since more than seven years ago. Now, here is a chart that shows the trend in the adjusted Bitcoin realized price over the last few years: Looks like the BTC price has been approaching this level recently | Source: Glassnode As displayed in the above graph, the Bitcoin price already crossed above the realized price earlier in the rally, but the coin has only now reached the adjusted version. The adjusted realized price is currently $24,750, which is about the level that the asset has been finding rejection at recently. Interestingly, the April 2019 rally, which shares a few similarities to the latest rally, also saw a slowdown when it hit the metric’s line, as is visible in the chart. Related Reading: Crypto Assets Starting To Become \u201cOverbought,\u201d Santiment Says Levels like this where a large number of investors may have their cost basis close to tend to provide resistance during bearish periods as it is a preferable exit point for such holders after having suffered unrealized losses during the bear plunge previously. BTC Price At the time of writing, Bitcoin is trading around $23,900, down 1% in the last week. BTC consolidates sideways | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":520741,"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":[428,86297,717,1119,1144],"class_list":["post-520717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-realized-price","tag-bitcoin-resistance","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin On-Chain Data Shows Why $24,700 Is A Major Resistance For BTC<\/title>\n<meta name=\"description\" content=\"This Bitcoin on-chain indicator may suggest why the $24,750 price level is an important resistance for the cryptocurrency. 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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. 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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:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On-Chain Data Shows Why $24,700 Is A Major Resistance For BTC","url":"http:\/\/uniquehot.com\/news\/bitcoin-on-chain-why-24-7k-major-resistance-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-on-chain-why-24-7k-major-resistance-btc\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin realized price","bitcoin resistance","btc","btcusd"],"dateCreated":"2023-02-23T14:40:09Z","datePublished":"2023-02-23T14:40:09Z","dateModified":"2024-06-11T07:10:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On-Chain Data Shows Why $24,700 Is A Major Resistance For BTC\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-chain-why-24-7k-major-resistance-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-chain-why-24-7k-major-resistance-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin realized price\",\"bitcoin resistance\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-02-23T14:40:09Z\",\"datePublished\":\"2023-02-23T14:40:09Z\",\"dateModified\":\"2024-06-11T07:10:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/520717"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=520717"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/520717\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/520741"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=520717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=520717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=520717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}