TechFlow News, June 23: According to CoinDesk, Bitcoin is currently testing its 200-week moving average (200WMA) near $62,400. If this support level breaks down, market attention may shift to the Realized Price of approximately $53,457.
The Realized Price represents the network-wide average on-chain holding cost for Bitcoin. Historically, Bitcoin briefly fell below this level before establishing cyclical bottoms during the 2011, 2015, 2018–2019, March 2020 crash, and the 2022 bear market. When market prices fall below investors’ average holding costs, panic selling and extreme pessimism often follow.
From a holdings-structure perspective, “whales” holding between 10,000 and 100,000 BTC have an average cost of approximately $54,300; “super whales” holding over 100,000 BTC have an average cost below $49,000. If large holders tend to defend price near their cost levels, the bear-market bottom may form within the $50,000–$54,000 range. In contrast, retail investors holding less than 1 BTC have an average cost below $48,000—meaning they would remain profitable even if prices decline further.
