Currently, the average withdrawal price for Bitcoin (BTC) is currently $100,356. Currently, Bitcoin’s transactions are below this level, hovering around $98,000.
When Bitcoin is below the average withdrawal price for duration, it attracts attention, as this often triggers ongoing sales and higher price pressures. Historically, this indicator has been a strong level of support for Bitcoin.
However, the disruption under this support does not necessarily indicate a bear market or a sustained decline, as Bitcoin has quickly recovered this price level in history.
For example, in 2024, Bitcoin repeatedly tested its average withdrawal price slightly below $60,000. Indeed, prices did drop below this level briefly, most notably during August when the yen carried trade fell to $49,000. However, the price managed to recoup the support level within a few days.
Similarly, in 2023, the realized prices provided major support several times, including the collapse of Silicon Valley banks in March ($20,000) and before another meeting in Bitcoin’s fourth quarter rally in September.
According to GlassNode data, more than 2.6 million BTC losses are one of the highest numbers this year. The longer it is, the longer it is, the greater the chance of further decline.
