Bitcoin (BTC) has witnessed a notable surge in the realized price held by short-term holders (STHs), indicating robust confidence within the market. Over the past week, BTC’s price has experienced a commendable uptick, climbing from approximately $68,000 to $70,232. During this period, data analyzed by James Van Straten, lead analyst at Cryptoslate, reveals a 1.5% increase in the realized price for STHs. This metric represents the average acquisition price for coins moved within the last 155 days and held outside exchange reserves.
Despite this positive momentum, Bitcoin has recently dipped below the $70,000 mark, experiencing a 2.45% decline over the past 24 hours, currently trading at $67,856.
The group of short-term holders primarily comprises individuals who acquired Bitcoin around significant events such as the approval of the U.S. spot Bitcoin ETF in January and just before Bitcoin surpassed its previous all-time high of $69,000 in March. According to data provided by market intelligence firm Glassnode, the realized price for STHs has been steadily ascending, approaching the $64,000 mark, highlighting Bitcoin’s upward trajectory over the last 18 months.
Van Straten emphasized the significance of this metric, stating, “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.”
Looking ahead, the long-term outlook for Bitcoin remains bullish, as long as it maintains its position above the $64,000 threshold in the upcoming months. This level is deemed a substantial support zone, reinforcing positive market sentiments surrounding the leading cryptocurrency.
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