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Bitcoin Hits $64K: Short-Term Holder Realized Price Confirms Rally

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Bitcoin Hits $64K: Short-Term Holder Realized Price Confirms Rally

The risen realized price of short-term Bitcoin holders signifies a continuation of Bitcoin’s upward momentum, recently demonstrated as BTC surged past $70,000 on June 10. Bitcoin’s price elevation from approximately $68,000 to $70,232 over the last week corresponded with a 1.5% increase in the realized price for short-term holders. This metric, which reflects the average purchase price for coins moved in the past 155 days and kept outside exchanges, highlights a positive trend according to James Van Straten, a leading analyst.

This cohort of short-term holders predominantly includes individuals who invested in Bitcoin before and immediately after the U.S. spot Bitcoin ETF was approved in January, and prior to Bitcoin reaching its previous peak of $69,000 in March. Van Straten utilized data from market intelligence firm Glassnode to underline that the realized price for short-term holders has been on a steady upward trajectory, nearing $64,000. This trend marks Bitcoin’s uptrend over the past 18 months.

Van Straten pointed out that this indicator offers crucial market support, which was tested at the beginning of May. Over the past week, the realized price for short-term holders increased by 1.5%, suggesting heightened speculation in the short term. Bitcoin maintaining its price above $64,000 for the coming months would underpin a bullish long-term outlook, as this level serves as a significant support zone.

Currently, Bitcoin is valued at $70,090, maintaining strong support on its downside while overcoming previous resistance challenges during its recovery. This position is supported by data from IntoTheBlock, whose “In/Out of the Money Around Price” (IOMAP) model indicated a notable support level around $69,000. Here, approximately 1.3 million Bitcoin were previously purchased by over 2.22 million addresses. Any downward price attempts might encounter robust buying efforts from these investors aiming to boost their profits.

Additional insights from CryptoQuant highlight a rise in the Taker Buy Sell Ratio on the HTX crypto exchange. Used by traders to assess market sentiment and predict price movements, a ratio exceeding one implies more buyers than sellers, indicative of a bullish market. A ratio below one suggests the opposite. Independent trader Ali Martinez noted an extraordinary spike in this ratio to 730, an infrequent event marking intense buy-side pressure on the HTX exchange.

The substantial increase in the Taker Buy Sell Ratio signals that a significant number of investors are currently purchasing Bitcoin with expectations of further price increments. Such buying surges often precede notable escalations in price. Martinez also indicated a marked increase in daily active addresses on the Bitcoin network, breaking a downward trend that had initiated in early March.

Martinez highlighted a chart from Santiment showing 765,480 additional active addresses on the Bitcoin blockchain over the previous 24 hours. This resurgence in network activity is perceived as a positive indicator for the ongoing Bitcoin bull run. The increase in active addresses and robust buy-side pressure collectively reinforce the optimistic outlook for Bitcoin’s price trajectory.

17 thoughts on “Bitcoin Hits $64K: Short-Term Holder Realized Price Confirms Rally

  1. This is exactly the same narrative every time Bitcoin sees a small gain. Wake me up when something substantial happens. 😴

  2. Are we really celebrating a 1.5% price increase? Feels like clutching at straws to justify bullish claims.

  3. Such detailed analysis! The support around $69k is solidBTC’s long-term outlook couldn’t be better.

  4. The bullish sentiment is strong with these metrics! It looks like great times ahead for us BTC holders.

  5. Such a bullish trend! Realized price rising + breaking new price barriers = solid BTC gains! 🏆

  6. The continued rise in Bitcoin’s realized price for short-term holders is so exciting! BTC to the moon!

  7. Van Straten’s analysis is spot-on! The steady increase in realized price is a fantastic sign for Bitcoin’s future.

  8. The upward momentum is just a bubble waiting to burst. How many times have we seen this happen before?

  9. Why does it feel like proponents are grasping at any flimsy metric to keep the hype train going?

  10. The rise in short-term realized price shows that early adopters are getting rewarded! Keep climbing, Bitcoin!

  11. The ‘positive trend’ won’t last. Market sentiment is fickle, and we’ve seen BTC plummet after gaining ground too many times. 📉😒

  12. Increased market activity and solid buy pressures are making Bitcoin’s future look very bright!

  13. Short-term holders are reaping the benefits! BTC’s future is looking brighter every day.

  14. Sorry, but the ‘rise in short-term holders’ realized price’ isn’t convincing. Sounds like wishful thinking to me.

  15. Network activity is spiking again! More active addresses means more growth potential for Bitcoin. 🚀📈

  16. Bitcoin’s consistent uptrend is a delight to watchcan’t wait to see it break more records!

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