By
Steve Muchoki
April 19th, 2024
Market participants remain in high spirits as BTC inches closer to a key technical price level.
Flagship cryptocurrency Bitcoin (BTC) appears to be having a promising year so far in 2023. This follows after it consolidated its recent gains over the past weekend. According to CoinMarketCap data, BTC surged to $23,919 – its highest price so far in 2023, in the early hours of Monday. Although it has since retraced and now stands at $23,368 per coin as of publication. Nonetheless, the BTC price is still up 0.60% in the last 24 hours.
2019 Bitcoin (BTC) Buyers Record Profits
According to data from blockchain analytics firm Glassnode, investors that bought Bitcoin in 2019 are now seeing greens. Glassnode revealed that, at that time, investors bought BTC for an average price of $21,800. Going by its current prices, however, those set of BTC buyers are now back on profits even as the crypto inches closer to the $24,000 mark – another key level.
Meanwhile, some other groups of buyers might not be as enthusiastic about BTC gains just yet. And, understandably so. For instance, the groups of 2020 and 2022 are yet to clear the danger zone, whereas those that bought in 2021 are even in a deeper mess currently.
To put the above statement into perspective, the groups of 2020 and 2022 will need BTC to at least, cross the $28,000 mark to be in gains. Meanwhile, the 2021 group won’t smell a profit until BTC nears $38,000 again. The last time BTC traded above this range was last April.
Market Hold Sentiments as Bitcoin Nears Key Technical Price Level
Market participants remain in high spirits as BTC inches closer to a key technical price level at the 200-week moving average (WMA). And according to Woo Charts, that stands at $24,713. Therefore, all eyes are on BTC to at least, reclaim this crucial technical price level it lost since BTC prices slipped below it in the ongoing bear cycle.
On a brighter note though, Bitcoin has since reclaimed its realized price level of $19,777. And investor hopes are now high that the general crypto market may finally be waking from its long slumber.