The realized price of Bitcoin Short-Term Holders (STH) is rising, indicating that BTC’s upward trend “will continue,” with the price surpassing $70,000 on June 10.
When the price of Bitcoin (BTC) rose from approximately $68,000 to $70,232 over the past 7 days, the realized price for short-term holders (the average acquisition price of coins that have moved in the past 155 days and are held outside of foreign exchange reserves) has risen by 1.5. . % over the same period, according to James Van Straten, senior analyst at Cryptoslate.
This group mainly consists of people who bought BTC before and after the approval of the US spot Bitcoin ETF in January, which was just before it surpassed its previous high of $69,000 in March.
Using data from market intelligence firm Glassnode, Van Straten pointed out that the perceived price of STH is “growing steadily closer to $64,000,” indicating Bitcoin’s upward trend over the past 18 months.
“This indicator provides important support as Bitcoin tests this level in early May. STH realized that prices rose 1.5% last week, indicating increased short-term speculation.”
As long as Bitcoin remains above $64,000 in the coming months, the long-term outlook for Bitcoin price will remain optimistic as this level serves as an important support area.
At the time of publication, BTC is trading at $70,090 and has strong support on the downside compared to the resistance it faces during the recovery.
This was corroborated by data from IntoTheBlock, which showed immediate support for prices around $69,000 via its In/Out of the Money Around Price (IOMAP) model, with around 1.3 million units purchased from over 2.22 million addresses.
Any attempt to lower prices may be met with aggressive buying by a group of investors looking to increase profits.
Related: After the dip liquidated $1.3 billion worth of Bitcoin open interest, the BTC price settled at $69,000.
Additional data from CryptoQuant shows that HTX cryptocurrency exchange’s Taker Buy Sell Ratio has surged.
The taker buy sell ratio is a key indicator used by traders to gauge market sentiment and potential price movements. A ratio above 1 means there are more buyers than sellers, indicating a bullish mood, while a ratio below 1 means the opposite.
Independent trader Ali Martinez observed this ratio jumping to 730, a rare phenomenon that indicates very strong buy-side pressure on the HTX exchange.
Typically, a spike in the taker buy sell ratio indicates that a significant number of investors are currently buying Bitcoin in anticipation of further price rises. These surges in purchasing activity often precede notable price spikes.
In another He shared a chart from Santiment showing that 765,480 additional addresses were active on the Bitcoin blockchain in the last 24 hours.
“This surge in network activity is a positive sign that the #BTC bull market will continue.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.