The realized price of Bitcoin (BTC) held by short-term holders (STHs) has shown a significant increase, indicating robust market confidence. The price of BTC has surged from around $68,000 to $70,232 over the past week. During this period, the realized price for STHs, the average acquisition price for coins moved within the last 155 days and held outside exchange reserves, rose by 1.5%, according to James Van Straten, lead analyst at Cryptoslate. However, Bitcoin has gone back below $70,000, declining 2.45% in the past 24 hours to trade at $67,856.
This group of short-term holders primarily includes those who purchased Bitcoin around the approval of the U.S. spot Bitcoin ETF in January and just before Bitcoin breached its previous all-time high of $69,000 in March. According to data from market intelligence firm Glassnode, the STH realized price has been steadily increasing, nearing $64,000, which underscores Bitcoin’s uptrend over the last 18 months.
“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,” Van Straten explained.
As long as Bitcoin holds above $64,000 in the coming months, the long-term outlook remains bullish. This level is seen as a significant support zone, reinforcing the positive market sentiment.