Bitcoin recently held the 2023 realized price around $63,700 as support, echoing similar behavior seen during corrections in 2023. The broader realized price sits near $54,300, a level historically breached in bear markets, making it the next major downside support if $60,000 fails. Bitcoin recently found support at a key on-chain metric—the average realized price for a specific year, in this case the 2023 cost basis.
The 2023 average realized price currently sits around $63,700. During the local bottom in early February, when bitcoin dropped roughly 50% from its October all-time high, to roughly $60,000, price effectively tested and held this level as support.
Zooming out further, the aggregate realized price, which represents the average cost basis of all coins in circulation, is currently around $54,360. Historically, bitcoin has traded below this level in every major bear market, including 2011, 2015, 2019, and 2022. So far in this cycle, bitcoin’s lowest price has been around $60,000. If that level fails, it becomes the next key support to watch, with the realized price at $54,000 acting as a deeper historical floor.
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