Bitcoin ETF

Bitcoin

James

The realized price of Bitcoin short-term holders (STHs) is increasing, indicating that BTC’s uptrend “will continue” as the price broke above $70,000 on June 10.&nbsp;
When the price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) rose from around $68,000 to $70,232 over the last seven days, the realized price of short-term holders—the average acquisition price for coins moved within the last 155 days and held outside exchange reserves—rose by 1.5% over the same time frame, according to James Van Straten, a lead analyst at Cryptoslate.
This group mainly consisted of those who purchased BTC before and after the <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals#:~:text=The%20historic%20approval%20paves%20the,Bitcoin%20as%20its%20underlying%20asset." rel="noopener noreferrer nofollow">approval</a> of the U.S. spot Bitcoin ETF in January, just before it <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k" rel="noopener noreferrer nofollow">breached its previous all-time high</a> of $69,000 in March.
Using data from market intelligence firm Glassnode, Van Straten noted that STH realized price has been “steadily increasing, nearing $64,000,” indicative of Bitcoin’s uptrend over the last 18 months.
<blockquote>
 “This metric provides crucial support, with Bitcoin testing this level at the start of May. The STH realized price rose 1.5% in the past week, signaling increased short-term speculation.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/77be9cdb-d0b7-437d-bec5-9fc8ac39f073.png">
 <figcaption style="text-align: center;">Bitcoin: Long/Short-Term On-Chain Cost Basis. Source: Glassnode
 </figcaption>
</figure>
As long as Bitcoin holds above $64,000 for the next few months, the long-term outlook for <a href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency" rel="noopener noreferrer nofollow">Bitcoin</a> price will remain bullish as this level acts as a significant support zone.
At the time of publication, BTC is trading at $70,090 and is enjoying robust support on the downside compared to the resistance it faced in its recovery path.
This was corroborated by data from IntoTheBlock, whose In/Out of the Money Around Price (IOMAP) model showed that the immediate support for the price around $69,000 was where approximately 1.3 million were previously bought by more than 2.22 million addresses.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/271532ae-faf4-4151-af2a-08681097bb76.png">
 <figcaption style="text-align: center;">Bitcoin IOMAP chart. Source: IntoTheBlock
 </figcaption>
</figure>
Any attempts to pull the price lower may be met by aggressive buying from this cohort of investors who would like to increase their profits.
Related: <a href="https://cointelegraph.com/news/btc-price-69k-dip-wipes-1-3-b-bitcoin-open-interest" rel="noopener noreferrer nofollow">BTC price settles at $69K after dip wipes $1.3B Bitcoin open interest</a>
Additional data from CryptoQuant reveals a spike in Taker Buy Sell Ratio on the HTX crypto exchange.
The Taker Buy Sell Ratio is a key metric used by traders to gauge market sentiment and potential price movements. A ratio above one suggests more takers are buying than selling, indicating bullish sentiment, while a ratio below one suggests the opposite.
Independent trader Ali Martinez observed that this ratio had spiked to 730, a rare occurrence signaling exceptionally strong buy-side pressure on the HTX exchange.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/366c6e48-a89a-4350-a512-f8a87838384b.png">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/ali_charts/status/1799819239219499290" target="_blank" rel="noopener noreferrer nofollow">Ali Martinez</a>
 </figcaption>
</figure>
Generally, the spike in the Taker Buy Sell Ratio suggests that a significant number of investors are currently <a href="https://cointelegraph.com/learn/how-to-buy-bitcoin-a-step-by-step-guide-to-buy-btc" rel="noopener noreferrer nofollow">buying Bitcoin</a> in anticipation of further price increases. This surge in buying activity often precedes notable price jumps.
In another X post, Martinez <a href="https://x.com/ali_charts/status/1799793147356250412" target="_blank" rel="noopener noreferrer nofollow">observed</a> a spike in the number of <a href="https://cointelegraph.com/learn/active-vs-new-addresses-in-crypto-key-differences-explained" rel="noopener noreferrer nofollow">daily active addresses</a> on the Bitcoin network, breaking a “downtrend that started on March 5!” He shared a chart from Santiment showing that 765,480 more addresses were active on the Bitcoin blockchain over the last 24 hours.
<blockquote>
 “This surge in network activity is a positive sign that the #BTC bull run will continue.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/a10e9089-3901-43b0-9209-8cb0dfdd5dd1.png">
 <figcaption style="text-align: center;">Bitcoin daily active addresses. Source: Santiment
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s short-term holder realized price hits $64,000, confirming BTC rally

Cointelegraph

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