Bitcoin found support at the 2023 average purchase cost level, which is one of the on-chain metrics that plays a decisive role in its price recently. This level also stands out as an important indicator in terms of the past movements of the cryptocurrency.
2023 Purchasing Cost Level is on the Agenda Again
The average purchase price for 2023 is currently around $63,700. During the local dip in early February, Bitcoin’s price fell nearly 50 percent from its historic peak in October to as low as $60,000. However, it was seen that the 2023 average stated in this decline worked as support.
This move also mirrors Bitcoin’s behavior in past cycles. During the rise in early 2023, small corrections in the price again used the same average cost as support. A similar picture emerged in March, July and September 2023, when the price consolidated in the range of 20,000 to 26,000 dollars.
Price averages on the chain provide information about the levels at which different investor groups in the market open positions. The cost level in 2023 continues to be an important reference in current price movements.
Cost Reduction Draws Attention in New Investor Groups
The 2026 average purchase price, established by newer investor groups, was around $90,000 at the beginning of the year. Over time, this level decreased to $ 77,000. Considering that the current price of Bitcoin is trading just above $70,000, it can be understood that the average investment in the 2026 group is currently at a loss.
The fact that the average cost, especially for 2026 investors, has fallen below the 81,500 dollar level of the 2024 group and the 96,400 dollar level of the 2025 group, reveals the change in the cost distribution in the market.
On a broader scale, the total average cost level, which is the average of the purchase prices of all Bitcoins in the market, is around $54,360. In major bear markets such as 2011, 2015, 2019 and 2022, Bitcoin fell below this level.
In the current cycle, the lowest level seen by the cryptocurrency was recorded as $ 60,000. If this support point breaks down, the next important support is expected to follow around $54,000. This level historically stands out as the main base price.
