Bitcoin price correction of $5K today could indicate a possible further downside in price as the strongest on-chain support for the top cryptocurrency stands at $47,400. The Bitcoin realized price distribution suggests that there is not much price realization until $51K. The realized price of Bitcoin is at around $16.1K
Bitcoin realized price is the average price at which each Bitcoin moved the last time in the network. It is the average value that investors have assigned to BTC (according to their last on-chain movement).
The 2015 -> 2017 bull market”Making a name”
Density map of the coin supply at the price they last moved. #Bitcoin pic.twitter.com/IKgr7pVKLS
— Willy Woo (@woonomic) March 23, 2021
Bitcoin’s realized market cap which is the realized price divided by total circulation supply has seen a significant increase in 2021 alone rising from $170 billion at the start of the year to its current cap of 313 billion. This rise is primarily due to the influx of institutions and Fortune 500 companies like MicroStrategy who have moved Bitcoin worth millions at every major dip and even above $50K.
Bitcoin realized price breached $10K only this January and looking at Glassnode’s UTXO Realized Price Distribution not much bitcoin was moved since the price touched $51K with the strongest on-chain support at $47.4K.
Would Bitcoin Price Retrace to Sub $50K Levels?
On-chain metrics such as exchange flow and net flow suggest there is not much movement of Bitcoin on Exchanges and a significant portion of the Bitcoin transactions are occurring …
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