The price of Bitcoin for short-term holders (STHs) has been on the rise, suggesting that BTC’s upward trend is set to continue after breaking the $70,000 mark on June 10.
Over the past week, as the price of Bitcoin (BTC) surged from approximately $68,000 to $70,232, the realized price for short-term holders – the average price at which coins were acquired within the last 155 days and held off exchange reserves – increased by 1.5%. This data was reported by James Van Straten, a lead analyst at Cryptoslate.
The group of short-term holders mainly comprised individuals who bought BTC before and after the U.S. spot Bitcoin ETF approval in January, just before it surpassed its previous all-time high of $69,000 in March. According to Van Straten, using data from Glassnode, the realized price for STHs has been steadily climbing, 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 zone.
Currently, BTC is trading at $70,090 and is experiencing strong support on the downside compared to the resistance faced during its recovery. IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model reveals that the immediate support 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 maximize their profits.
Data from CryptoQuant also shows a spike in the Taker Buy Sell Ratio on the HTX crypto exchange. A ratio above one indicates bullish sentiment, while a ratio below one suggests the opposite. Independent trader Ali Martinez noted that this ratio had surged to 730, a rare occurrence signaling strong buying pressure on the HTX exchange.
The increase in the Taker Buy Sell Ratio indicates that a significant number of investors are currently purchasing Bitcoin in anticipation of further price hikes. This surge in buying activity often precedes significant price jumps.
In a separate observation, Martinez highlighted a rise in the number of daily active addresses on the Bitcoin network, breaking a downtrend that began on March 5. A chart from Santiment showed that 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. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.