The realized price by short-term Bitcoin holders, or STH, is increasing. This figure indicates that the upward trend of BTC will continue. The price recently crossed the $70,000 mark around mid-June.
Bitcoin has risen from approximately $68,000 to $70,232 over the past few days. The price realized by short-term holders has increased by 1.5% over the last 155 days.
The Good Timing of Short-Term Holders
This group of investors consists mainly of those who bought BTC before and after the approval of the Bitcoin ETF in the United States in January.
Shortly after, Bitcoin had its previous all-time high of $69,000 in March.
The price realized by STH had steadily increased and was nearing $64,000. This strong performance demonstrates the upward trend of Bitcoin over the past 18 months.
This measure is a crucial support. The price realized by the STH had increased by 1.5% over the past week. This indicates an increase in short-term speculation.
As long as Bitcoin stays above $64,000 in the coming months, the long-term outlook for the Bitcoin price remains bullish. This level is indeed an important support zone.
BTC is trading at $70,090 this week. The latter benefits from solid downside support compared to the resistance it encountered during its recovery.
However, this attempt to lower the price could face aggressive buying from some traders. They would be eager to increase their profits.
End of the Downtrend Begun in March
Indeed, a spike in the Taker Buy Sell Ratio on the HTX crypto-exchange was observed.
The Taker Buy Sell Ratio is a key measure used by traders to assess market sentiment and potential price movements.
A ratio above one indicates that there are more buyers than sellers, which indicates a bullish sentiment. A ratio below one indicates the opposite.
This ratio recently climbed to 730. This figure indicates exceptionally strong buyer pressure.
In general, the ratio spike suggests that a significant number of investors are currently buying Bitcoins in anticipation of further price increases. This increase in buying activity often precedes notable price hikes.
Another spike in the number of daily active addresses on the Bitcoin network was also noticed. This broke a downtrend that began in early March.
More than 700,000 additional addresses were active on the Bitcoin blockchain recently.
Moreover, this increase in network activity is a positive sign that BTC’s bullish trend will continue.
