The realized price for Bitcoin's short-term holders has surged, indicating a robust uptrend as BTC soared past $70,000 on June 10. This development signals a continuation of the bullish momentum for the cryptocurrency.

The recent price increase from around $68,000 to $70,232 over the past week has pushed the realized price for short-term holders—defined as those who have acquired BTC within the last 155 days and are holding it outside exchange reserves—up by 1.5%. James Van Straten, a lead analyst at Cryptoslate, highlighted this trend, noting that this group primarily includes those who bought BTC before and after the approval of the U.S. spot Bitcoin ETF in January.

Van Straten emphasized that the steadily increasing realized price for short-term holders, nearing $64,000, is a clear indicator of Bitcoin's sustained upward trajectory over the past 18 months. "This metric provides crucial support, with Bitcoin testing this level at the start of May. The 1.5% rise in the STH realized price over the past week signals increased short-term speculation," he explained.

Maintaining a price above $64,000 for the coming months is crucial for Bitcoin’s long-term bullish outlook, as this level serves as a significant support zone. At the time of writing, Bitcoin is trading at $70,090, enjoying strong support from recent buyers who entered the market around the $69,000 level.

Data from IntoTheBlock's In/Out of the Money Around Price (IOMAP) model supports this view, showing that approximately 1.3 million BTC were purchased by more than 2.22 million addresses around the $69,000 mark. This level is likely to see aggressive buying from investors aiming to increase their profits, thereby providing robust downside support.

Further bolstering this bullish sentiment, CryptoQuant reported a spike in the Taker Buy Sell Ratio on the HTX crypto exchange. This ratio, which measures market sentiment and potential price movements, spiked to 730, suggesting exceptionally strong buy-side pressure. Independent trader Ali Martinez noted that such a high ratio is rare and typically precedes significant price jumps.

In addition to this, Martinez observed a surge in daily active addresses on the Bitcoin network, breaking a downtrend that had started on March 5. According to data from Santiment, 765,480 more addresses were active on the Bitcoin blockchain over the last 24 hours. Martinez interpreted this increase in network activity as a positive sign that the Bitcoin bull run will continue.

Overall, the rising realized price for short-term holders, combined with robust support levels and increased network activity, paints a bullish picture for Bitcoin. Investors and traders are closely watching these metrics as indicators of continued growth and stability in the cryptocurrency market.