The realized price of Bitcoin (BTC), held by short-term holders (STHs), has risen significantly, indicating robust market confidence. The price of BTC has risen from around $68,000 to $70,232 over the past week. During this period, the realized price for STHs, the average purchase price for coins moved in the past 155 days and held outside of foreign exchange reserves, rose 1.5%, according to James Van Straten, chief analyst at Cryptoslate. However, Bitcoin has fallen back below $70,000 and is down 2.45% in the past 24 hours to trade at $67,856.
This group of short-term holders mainly includes those who bought Bitcoin around the approval of the US spot Bitcoin ETF in January and just before Bitcoin surpassed its previous all-time high of $69,000 in March. According to data from market research firm Glassnode, STH’s realized price has risen steadily, reaching nearly $64,000, underscoring Bitcoin’s upward trend over the past 18 months.
“This metric provides crucial support, with Bitcoin testing this level in early May. The price realized by STH has increased by 1.5% over the past week, indicating increased speculation in the short term,” Van Straten explains.
As long as Bitcoin remains above $64,000 in the coming months, the long-term outlook remains bullish. This level is seen as an important support zone, reinforcing positive market sentiment.
