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Bitcoin (BTC) On-Chain Analysis: BTC Falls Below Key Metric

Be[in]Crypto Examines On-Chain Indicators For Bitcoin (BTC). More specifically, the realized price/liveliness ratio.

What is the realized BTC price?

The realized price is an on-chain indicator that measures the price of BTC at the time of its last move. As a result, it devalues ​​lost coins and coins that haven’t moved for a long time.

The actual price of BTC has fallen below the realized price only twice since 2018. It did so in July 2018 and March 2020 (black circles). Currently, it is at $23,600, which is around $20,000 less than the actual price.
Therefore, the total existing BTC last moved at an average price of $24,450.

Going by track record, once BTC price approaches the realized price line, it usually deviates below for a while. This usually marks the bottom. In 2018, the movement was very gradual, while in 2022 it was brutal.

It is therefore possible that another dip below $23,600 will occur before the trend reverses.

Achieved price/liveliness ratio

Realized Price-Liveness Ratio (RPLR) is a measure that compares realized price to liveness. Liveliness is an on-chain indicator that is used to determine whether market participants are staying or spending.

Historically, the price of BTC has gone above the RPLR (orange) several times. Once BTC moves decisively above this line, the first decisive breakout that follows marks the end of the bull cycle. This was the case in 2018 and 2018 (black circles).

In May 2022, BTC fell below this line with a strong breakdown (red circle). The line is currently at $39,000, while the BTC price is at $30,000.

Historically, once the price has fallen below this ratio, it has also fallen below the realized price line, which is currently $23,600.

Fwhere to be[in]Crypto’s Latest Bitcoin (BTC) Analysis, Click here

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