The realized price for short-term Bitcoin holders (STH) is increasing, indicating that…
The realized price for short-term Bitcoin holders (STH) is increasing, indicating that Bitcoin’s uptrend “will continue” as the price surpassed $70,000 on June 10.
When the price of Bitcoin (BTC) rose from around $68,000 to $70,232 over the past seven days, the price realized for short-term holders – the average holding price of coins transferred over the past 155 days and held outside of foreign exchange reserves – increased by 1.5% during the same period, according to James Van Straaten, senior analyst at Cryptoslate.
This group is primarily made up of those who purchased Bitcoin before and after the approval of a Bitcoin ETF in the United States in January, before it surpassed its all-time high of $69,000 in March.
Using data from market intelligence firm Glassnode, van Straaten noted that STH recognized that the price was “rising steadily, approaching $64,000,” demonstrating Bitcoin’s uptrend over the past 18 months.
“This metric provides crucial support, as Bitcoin tested this level in early May. The price of STH increased by 1.5% over the past week, indicating an increase in short-term speculation.
As long as Bitcoin price rises above $64,000 in the coming months, the long-term outlook for Bitcoin price will remain bullish as this level serves as an important support zone.
At press time, BTC is trading at $70,090 and has strong downside support from the resistance it has faced during its recovery path.
This was supported by data from IntoTheBlock, whose In and Out of the Money Around Price (IOMAP) model showed that immediate price support around $69,000 was where around 1.3 million buys previous ones had been made via more than 2.22 million addresses.
Any attempt to lower the price may be met with heavy buying from this group of investors looking to increase their profits.
about: BTC price stabilizes at $69,000 after decline wipes out $1.3 billion in Bitcoin open interest
Additional data from CryptoQuant reveals a significant increase in Taker buying and selling on cryptocurrency exchange HTX.
The receiver buy/sell ratio is a key metric used by traders to gauge market sentiment and potential price movements. A ratio greater than one indicates that more buyers are buying than selling, indicating bullish sentiment, while a ratio less than one indicates the opposite.
Independent trader Ali Martinez noted that this ratio had increased to 730, a rare occurrence that indicates exceptionally strong buying pressure on the HTX exchange.
Overall, the increase in the buy-sell ratio indicates that a large number of investors are currently buying Bitcoin in anticipation of further price increases. This surge in purchasing activity is often preceded by notable price increases.
In another post he shared a chart from Santiment showing that an additional 765,480 addresses were active on the Bitcoin blockchain in the last 24 hours.
“This spike in network activity is a positive sign that #BTC’s uptrend will continue.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
