Bitcoin’s Short-Holder Realized Price Hits $64,000, Confirming BTC’s Rally

As the price fell above $70,000 on June 10, the price of BTC short-term holders (STHs) is rising, saying BTC's rally will “continue”.

As the price of Bitcoin (BTC) increased from $68,000 to $70,232 in the last seven days, the value of short-term holders realized – the average purchase price of the coins has moved in the last 155 days and foreign exchange reserves – increased by 1.5. According to Cryptoslate's lead analyst James Van Straten, % in the same period.

This group includes those who bought BTC before and after the US Spot Bitcoin ETF was approved in January, before breaching the previous high of $69,000 in March.

Using data from market intelligence firm Glassnode, van Straten noted that STH's realized price is “rising every time, around $64,000,” reflecting Bitcoin's growth over the past 18 months.

“This measure provides critical support, with Bitcoin testing this level at the beginning of May. STH's realized price has risen 1.5% in the past week, indicating a rise in short-term speculation.”

As long as Bitcoin holds above $64,000 for the next few months, the long-term Bitcoin price outlook will be bullish as this level acts as a major support zone.

At the time of publication, BTC is trading at $70,090 and is finding strong support on the downside compared to resistance on the way to recovery.

This is corroborated by data obtained by IntoTheBlock, which shows that around $69,000 is the immediate support for the price from the Price Around Money (IOMAP) model, with around 1.3 million previously purchased over 2.22 million addresses.

Any attempts to lower the price can be met by buying from a group of investors who want to maximize their profits.

Related: BTC Price At $69K After Clearing Dip From $1.3B Bitcoin Open Interest

CryptoQuant's additional data shows a significant increase in the Taker to Sell ratio on the HTX crypto exchange.

The buy-to-sell ratio is a key metric that traders use to gauge market sentiment and potential price movements. A ratio above one suggests that more receivers are buying than selling, which indicates bullish sentiment, while a ratio below one indicates the opposite.

Independent trader Ali Martinez noted that this ratio has risen to 730, a rare occurrence that indicates exceptional buy-side pressure on the HTX exchange.

Overall, a significant increase in the Taker Buy Sell Ratio suggests that a significant number of investors are currently buying Bitcoin in anticipation of further price increases. This increase in buying activity is often preceded by pronounced price jumps.

In another X post, Martinez notes that the number of daily active addresses on the Bitcoin network has increased, “a fall that started on March 5th!” He broke. Santiment shared a chart showing that 765,480 additional addresses were active on the Bitcoin blockchain in the last 24 hours.

“This increase in network activity is a positive sign that the #BTC bull run will continue.”

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.