The realized price of Bitcoin short-term holders (STHs) is increasing, indicating that BTCs uptrend will continue as the price broke above $70,000 on June 10.

When the price of Bitcoin (BTC) rose from around $68,000 to $70,232 over the last seven days, the realized price of short-term holdersthe average acquisition price for coins moved within the last 155 days and held outside exchange reservesrose by 1.5% over the same time frame, according to James Van Straten, a lead analyst at Cryptoslate.

This group mainly consisted of those who purchased BTC before and after the approval of the U.S. spot Bitcoin ETF in January, just before it breached its previous all-time high of $69,000 in March.

Using data from market intelligence firm Glassnode, Van Straten noted that STH realized price has been steadily increasing, nearing $64,000, indicative of Bitcoins uptrend over the last 18 months.

As long as Bitcoin holds above $64,000 for the next few months, the long-term outlook for Bitcoin price will remain bullish as this level acts as a significant support zone.

At the time of publication, BTC is trading at $70,090 and is enjoying robust support on the downside compared to the resistance it faced in its recovery path.

This was corroborated by data from IntoTheBlock, whose In/Out of the Money Around Price (IOMAP) model showed that the immediate support for the price around $69,000 was where approximately 1.3 million were previously bought by more than 2.22 million addresses.

Any attempts to pull the price lower may be met by aggressive buying from this cohort of investors who would like to increase their profits.

Related: BTC price settles at $69K after dip wipes $1.3B Bitcoin open interest

Additional data from CryptoQuant reveals a spike in Taker Buy Sell Ratio on the HTX crypto exchange.

The Taker Buy Sell Ratio is a key metric used by traders to gauge market sentiment and potential price movements. A ratio above one suggests more takers are buying than selling, indicating bullish sentiment, while a ratio below one suggests the opposite.

Independent trader Ali Martinez observed that this ratio had spiked to 730, a rare occurrence signaling exceptionally strong buy-side pressure on the HTX exchange.

Generally, the spike in the Taker Buy Sell Ratio suggests that a significant number of investors are currently buying Bitcoin in anticipation of further price increases. This surge in buying activity often precedes notable price jumps.

In another X post, Martinez observed a spike in the number of daily active addresses on the Bitcoin network, breaking a downtrend that started on March 5! He shared a chart from Santiment showing that 765,480 more addresses were active on the Bitcoin blockchain over the last 24 hours.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin's short-term holder realized price hits $64,000, confirming BTC rally - Cointelegraph