The price of Bitcoin has reached new heights, surpassing $70,000 on June 10, signaling a continued uptrend for the cryptocurrency. Short-term holders (STHs) of Bitcoin have seen an increase in their realized price, indicating positive momentum in the market.
Over the last week, as the price of Bitcoin rose from $68,000 to $70,232, the realized price of short-term holders also increased by 1.5%. These holders, who acquired Bitcoin within the last 155 days and have kept it outside of exchange reserves, are mainly those who bought BTC before and after the approval of the U.S. spot Bitcoin ETF in January. This group saw the price rise above $69,000 in March.
Data from Glassnode shows that the realized price of short-term holders has been steadily rising, approaching $64,000, suggesting a consistent uptrend for Bitcoin over the past 18 months. As long as Bitcoin maintains support above $64,000 in the coming months, the overall outlook for its price remains bullish.
Currently, Bitcoin is trading at $70,090, with strong support preventing a significant decline in price. The In/Out of the Money Around Price (IOMAP) model from IntoTheBlock indicates that there is significant support around $69,000, with a large number of addresses having bought Bitcoin at this level.
The Taker Buy Sell Ratio on the HTX crypto exchange has spiked, suggesting increased buying activity and bullish sentiment among investors. This surge in buying often precedes notable price increases, with many investors anticipating further gains in Bitcoin’s price.
In addition, there has been a notable increase in daily active addresses on the Bitcoin network, breaking a previous downtrend. This uptick in activity indicates growing interest and engagement with the Bitcoin blockchain.
It is important to note that this article does not offer investment advice. Readers should conduct their own research and analysis before making any financial decisions.