Bitcoin On-Chain Price Levels plots the market price of Bitcoin against a set of fundamental, onchain-derived fair value estimates: Realized Price, Investor Price, Cointime Price, True Market Mean, and Vaulted Price. Each level is calculated from the network's own coin-movement history rather than from candlestick data, so together they describe what different segments of the market have actually paid for Bitcoin. Realized Price values every coin at the price it last moved and averages across the supply; the Investor, Cointime, True Market Mean, and Vaulted variants reweight that base by holder behavior and the age or dormancy of coins to isolate long-term conviction from short-term activity.
Read the chart by comparing the live price line to where it sits within the band of these levels. When Bitcoin trades above all of them, holders are broadly in profit and the levels act as layered support; when price falls into or below the cluster, large cohorts are underwater and those same levels tend to mark accumulation zones. The spread between the individual levels shows how much the market's cost basis is stratified across different holder types.
Use the levels as reference floors and mean-reversion targets rather than precise triggers. Because each is a fair value estimate drawn from real Bitcoin capital, deep discounts to the lower levels have historically coincided with value zones and sharp premiums above the upper levels with froth, without relying on any fixed numeric threshold.
Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.
