The short-term holders (STHs) of Bitcoin are seeing an increase in realized prices, suggesting that the upward trend of BTC will continue following its break above $70,000 on June 10.
Over the past week, as BTC surged from about $68,000 to $70,232, the average acquisition price for coins moved by short-term holders in the last 155 days outside exchange reserves increased by 1.5%, according to James Van Straten, a lead analyst at Cryptoslate. This group mainly consists of those who bought BTC before and after the approval of the U.S. spot Bitcoin ETF in January, just before it surpassed its previous all-time high of $69,000 in March.
Using data from Glassnode, Van Straten pointed out that the realized price of short-term holders has been steadily rising, approaching $64,000, indicating Bitcoin’s upward trend over the past 18 months.
As long as Bitcoin remains above $64,000 in the coming months, the long-term outlook for the price of Bitcoin will remain positive, as this level serves as a significant support level.
Currently trading at $70,090, Bitcoin is experiencing strong support on the downside compared to the resistance it faced during its recovery.
Data from IntoTheBlock shows that the immediate support for the price around $69,000 is where approximately 1.3 million coins were previously bought by over 2.22 million addresses, suggesting that any attempts to push the price lower may be met with aggressive buying from investors looking to increase their profits.
Additionally, CryptoQuant data reveals a spike in the Taker Buy Sell Ratio on the HTX crypto exchange, indicating bullish sentiment. Independent trader Ali Martinez noted a spike in this ratio to 730, signaling strong buy-side pressure on the exchange.
This increase in buying activity suggests that many investors are purchasing Bitcoin in anticipation of further price increases, which typically precedes significant price jumps.
Martinez also observed a surge in the number of daily active addresses on the Bitcoin network, breaking a downtrend that began on March 5. According to data from Santiment, 765,480 more addresses were active on the Bitcoin blockchain in the last 24 hours.
It is important to note that this article does not provide investment advice. Readers should conduct their own research and analysis before making any investment decisions.