This group mainly consisted of those who purchased BTC before and after the approval of the U.S. spot Bitcoin ETF in January.
The realized price of Bitcoin short-term holders is increasing, indicating that BTC’s uptrend “will continue” as the price broke above $70,000 on June 10.) 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 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.”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 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.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.
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.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.This article does not contain investment advice or recommendations.
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