The realized price of Bitcoin short-term holders (STHs) is increasing, indicating that BTC’s uptrend “will continue” as the price broke above $70,000 on June 10.
When the price of Bitcoin (BTC) rose from around $68,000 to $70,232 over the last seven days, the realized price of short-term holders—the average acquisition price for coins moved within the last 155 days and held outside exchange reserves—rose by 1.5% over the same time frame, according to James Van Straten, a lead analyst at Cryptoslate.
This group mainly consisted of those who purchased BTC before and after the approval of the U.S. spot Bitcoin ETF in January, just before it breached its previous all-time high of $69,000 in March.
Using data from market intelligence firm Glassnode, Van Straten noted that STH realized price has been “steadily increasing, nearing $64,000,” indicative of Bitcoin’s uptrend over the last 18 months.
“This metric provides crucial support, with Bitcoin testing this level at the start of May. The STH realized price rose 1.5% in the past week, signaling increased short-term speculation.”Bitcoin: Long/Short-Term On-Chain Cost Basis. Source: Glassnode
As long as Bitcoin holds above $64,000 for the next few months, the long-term outlook for Bitcoin price will remain bullish as this level acts as a significant support zone.
At the time of publication, BTC is trading at $70,090 and is enjoying robust support on the downside compared to the resistance it faced in its recovery path.
This was corroborated by data from IntoTheBlock, whose In/Out of the Money Around Price (IOMAP) model showed that the immediate support for the price around $69,000 was where approximately 1.3 million were previously bought by more than 2.22 million addresses.
Bitcoin IOMAP chart. Source: IntoTheBlock
Any attempts to pull the price lower may be met by aggressive buying from this cohort of investors who would like to increase their profits.
Related: BTC price settles at $69K after dip wipes $1.3B Bitcoin open interest
Additional data from CryptoQuant reveals a spike in Taker Buy Sell Ratio on the HTX crypto exchange.
The Taker Buy Sell…
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