Bitcoin bulls returned for 2019 in earnings as BTC chased $24k

Bitcoin prices held on to recent gains over the weekend, climbing to a new high for the year during the Asian trading session on Monday morning.

The move put another group of bitcoin buyers into profit territory. According to Glassnode, those who bought Bitcoin in 2019 are back in the green again. The average withdrawal price for that year was $21,800, according to data from the research firm.

Those who bought in 2020 and 2022 are still in the red on average, with prices needing to move above $28k for the range to see a profit on the collectibles. 2021 buyers are on average deep in the red and won’t see a profit until BTC prices are close to $38,000.

Bitcoin is approaching an important technical field

Glassnode also reported that the average exchange withdrawal rate was significantly higher for Coinbase and Binance than the overall average.

The realized flow rate for these two was $21,000, while the total average exchange rate for exchange withdrawals was $16,700.

Additionally, Bitcoin is approaching an important technical price level at the 200-week moving average. This is currently $24,713, according to Woo Charts, just above current levels.

The 200wma has been an important long-term support area during the bear cycles. BTC price has fallen below it during this session and has yet to recapture this crucial technical area.

However, Bitcoin has regained its actual price level, which is currently at $19,777. Realized price is the value of all BTC traded at the price at which the coin last moved. It can also be seen as an estimate of what all the market participants paid for their bitcoins.

Market sentiment remains positive, with bitcoin holding onto gains and setting a new high for 2023.

BTC closes at $24,000

The largest cryptocurrency hit $23,955 during the Asian trading session on Monday morning, according to CoinGecko. This is the highest price bitcoin has traded since mid-August, last time it was over $24,000.

BTC is trading at $23,678 at the time of writing, after gaining 2% in the last 24 hours. It has now increased by a whopping 42.7% in the last month.

In addition, the total market capitalization of the crypto market increased by 2.2% on the day to reach $1.11 trillion.

Bitcoin buyers post 2019 in the profits as BTC Chases $24K debuts on CryptoPotato.

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