Bitcoin Rally Solidified: Short-Term Hodler Realized Price Reaches $64,000

This group primarily comprised individuals who bought BTC before and after the approval of the U.S. spot Bitcoin ETF in January.

Source:www.usatoday.com

The realized price of Bitcoin for short-term holders (STHs) is increasing, indicating that the upward trend of BTC will likely continue, especially as the price surged above $70,000 on June 10. During the past seven days, as Bitcoin’s price climbed from around $68,000 to $70,232, the realized price of short-term holders representing the average acquisition price for coins moved within the last 155 days and held outside exchange reserves rose by 1.5%, according to a lead analyst.

This group mainly comprises individuals 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.

Based on data from a market intelligence firm, Van Straten highlighted that the realized price for STHs has been steadily increasing, nearing $64,000, indicating Bitcoin’s upward trend over the last 18 months. As long as Bitcoin maintains its position above $64,000 in the coming months, the long-term outlook for its price remains bullish, as this level serves as a significant support zone.

At the time of writing, BTC is trading at $70,090 and is experiencing strong support compared to the resistance it faced during its recovery.

This observation is supported by data from IntoTheBlock, whose In/Out of the Money Around Price (IOMAP) model indicated immediate support for the price of around $69,000, where approximately 1.3 million BTC were previously bought by over 2.22 million addresses. Any attempts to push the price lower may be met by aggressive buying from this group of investors seeking to maximize their profits. Additionally, additional data from CryptoQuant reveals a spike in the Taker Buy Sell Ratio on the crypto exchange.

The Taker Buy Sell Ratio is a crucial metric used by traders to assess market sentiment and potential price movements. A ratio above one indicates bullish sentiment, suggesting that more takers are buying than selling, while a ratio below one suggests the opposite.

Independent trader Ali Martinez noted that this ratio spiked to 730, a rare occurrence signaling exceptionally strong buy-side pressure on the exchange. Typically, such spikes in the Taker Buy Sell Ratio indicate a significant number of investors purchasing Bitcoin in anticipation of further price increases, often preceding noteworthy price surges.

In another observation, Martinez highlighted a spike in the number of daily active addresses on the Bitcoin network, breaking a downtrend that began on March 5. According to data from Santiment, there were 765,480 more active addresses on the Bitcoin blockchain in the last 24 hours.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.