Bitcoin Finds Support at 2023 Investor Cost Basis

Bitcoin's recent price action has provided insight into the cryptocurrency's onchain dynamics. According to data from Glassnode, the average realized price for 2023 has served as a crucial support level, echoing the previous cycle.

The 2023 cost basis is currently around $63,700, and during the local bottom in early February, the price effectively tested and held this level as support. This behavior mirrors the previous cycle, where bitcoin repeatedly used the 2023 realized price as support during small corrections in March, July, and September 2023.

Looking at newer cohorts, the 2026 average realized price has declined to around $77,000, with the current price trading just above $70,000. This means that the average 2026 buyer is currently underwater, with their cost basis falling below both the 2024 and 2025 cohorts.

Zooming out further, the aggregate realized price, which represents the average cost basis of all coins in circulation, is near $54,360. Historically, bitcoin has traded below this level during every major bear market, including 2011, 2015, 2019, and 2022.

With the current price holding above $60,000, it remains to be seen whether this level will fail as support or continue to hold as a crucial floor. If the price were to fall below $60,000, the realized price at $54,000 would become the next key support to watch.