The flagship crypto currency, Bitcoin (BTC), will have a successful year in 2023. This comes as a result of it maintaining its recent advances throughout the last weekend. In the wee hours of Monday morning, the price of one bitcoin skyrocketed to a new all-time high of $23,919, according (1) to statistics provided by CoinMarketCap.
Even though it has subsequently reversed course and is currently trading at $23,157 per coin as of the time of publishing, despite this, the value of Bitcoin has decreased by 2.5 percent over the previous twenty-four hours.
2019 Saw a Record Year for Profits for Bitcoin Buyers
According to the findings of Glassnode, a blockchain analytics company, investors who purchased Bitcoin in 2019 are currently profiting from their investments. Glassnode divulged the information that, over that period, investors bought BTC for an average price of $21,800.
However, considering its current values, those who previously purchased Bitcoin are now back on profit even as the crypto currency edges closer to the $24,000 mark, another critical threshold.
While this is happening, other customers might be more excited about the increases in BTC later. To a perfectly reasonable extent. For example, the groups that bought in 2020 and 2022 have yet to make it out of the danger zone, while the group that believed in 2021 is presented with an even more difficult situation.
To put the above remark into perspective, for the groups of 2020 and 2022 to be in profit, Bitcoin will need to hit the $28,000 level at the very least. In the meantime, the 2021 group won't start to scent a profit until BTC once again approaches $38,000. April of last year was the most recent occasion that Bitcoin traded above this area.
Bitcoin Maintains Strong Undercurrents Despite Strong Challenges
Positive attitudes continue to prevail among market players as Bitcoin (BTC) moves closer to a significant technological price milestone at the 200-week moving average (WMA). And its current value of it, according to tradingview.com, is $29,913.
As a result, all eyes are focused on Bitcoin in the hopes that it will, at the very least, recapture this fundamental technical price level it has lost since Bitcoin prices have fallen below it during the current market cycle.
On a more positive note, the price of Bitcoin has subsequently recovered to its previous level of realized value, which is $19,777. And crypto investors have a growing sense that the overall crypto currency sector may be emerging from its long sleep.
The next immediate level of Resistance can be seen at $ 25,131, which was achieved in August 2022. Looking at the current momentum of BTC, if it closes above this level with Strength, we could soon have it reaching the WMA levels of $ 30,000, as discussed earlier.