Bitcoin’s realized price rises amid a surge in whale activity

Bitcoin (BTC) witnessed a sudden drop as March started with a series of bank collapses. The downward movement continued for almost two weeks, bringing the price down to the $19,500 mark on March 10. 

A week later, BTC hit a 10-month high of $28,803, according to crypto.news data. A CryptoQuant analyst shared his bullish expectations on bitcoin as its “realized price” is closing to the $20,000 mark — currently at around $19,916.

“There is a high probability that the Realized Price of bitcoin could break the $20,000 USD level due to increased demand for bitcoin, to regain to its ATH levels.”

CryptoQuant.

#Bitcoin's Realized Price: Trends, Inflection Points, and Market Dynamics

"The transition from a bear market to a bull market is typically characterized by an inflection point in the Realized Price."
by @real_alexei

Link👇https://t.co/i1zIszbfhE

— CryptoQuant.com (@cryptoquant_com) March 23, 2023

Moreover, as the bullish expectations shape again, a bitcoin whale has moved around 7,165 coins from the Singapore-based exchange Crypto.com to an unknown wallet. According to Whale Alert, there are five transactions, worth 1,433 BTC each, that happened in a matter of seconds.

🚨 🚨 1,433 #BTC (39,041,477 USD) transferred from #CryptoCom to unknown wallethttps://t.co/DHODQWynDn

— Whale Alert (@whale_alert) March 23, 2023

The total amount of bitcoin, transferred from Crypto.com, is worth roughly $200 million at the time of writing.

Bitcoin is up by 0.5% in the past hour and trading at $27,914 at the time of writing, per data provided by crypto.news. The asset reached the $28,800 mark on March 22, a level last touched in June 2022.

Furthermore, bitcoin has a 46.2% dominance over the total crypto market with a market capitalization of roughly $540 billion.