Four Sub-$60,000 BTC Price Levels Form Bitcoin Bottom ‘Roadmap’

BitcoinBTCAs a new wave of BTC bearish price action attempts to drive the market below $50,000, ) now has four key support levels.

Important points

• Bitcoin’s actual prices continue to be important as the market shapes a stable floor.

• The analysis says the deposit basis of Binance users is next as a safety measure.

• Losses are at levels not seen since the bear market of 2022.

BTC Price Analysis Focuses on Binance Traders

New analysis Burak Kesmeci is a contributor at the onchain analysis platform CryptoQuant. He believes that $58,700 will be next in line for Bitcoin bulls.

“Which 4 levels am I watching in Bitcoin? 4 key realized price levels — essential for tracking the long-term trend in my view,” In a post published on CryptoQuant Quicktake’s blog Wednesday, entitled “Bitcoin’s Roadmap to the Bottom.”

Actualized price is the amount that you pay for a product. aggregate cost basis BTC or part of it. BTC is traded onchain at the price it last appeared in a transaction.

Markets can support or resist zones that are based on realized prices of larger groups.

Since Bitcoin lost its value, the price of bitcoin has dropped. New Whales’ cost basis — a classic bear cycle signal,” Kesmeci noted.

Three other whales are now on the radar, as the aggregate price of the older Bitcoin whales is $88,700. The realized price of older whales is $41,600. Bitcoin’s total cost base now stands at $54,700.

Binance, a major crypto-exchange, has a realized price (UDARP) for deposits addresses that lies between the current spot rate and these two levels.

“From here, the 2 key supports I’ll be watching in order are Binance UDA RP and Bitcoin RP (58.7K and 54.7K),” Kesmeci is added. 

“The reason: once Bitcoin falls below New Whales’ cost basis, it historically tends to at least test the Realized Price. And the only support standing between here and there is 58.7K.”

Bitcoin losses echo 2022 bear market bottom

The panic sale of BTC/USD by exchange users is down since the rebound from 15-month lows near $59,000 CryptoQuant data shows that the risks of capitulation are increasing.

Related: Bitcoin 2024 buyers steady BTC price as trader sees $52K ‘next week or so’

This is the largest percentage of BTC currently at an unrealized losses since 2022.

“It is worth noting that the correction has been so severe that the increase in supply held at a loss has occurred very rapidly,” CryptoQuant contributor Darkfost commented X is the best option during swing lows below $60,000

Last week, meanwhile, Darkfost reported similarly conspicuous levels of realized losses from Bitcoin investors — coins moving at a lower price than in tHeir previous transaction.

“At its peak, on February 5, realized losses exceeded 30,000 BTC,” he confirmed. 

“This remains well below the extreme levels observed during the last bear market, when realized losses reached 92000 BTC and 80000 BTC on separate occasions. Nevertheless, it is still a clear sign that a capitulation phase has taken place.”