As Bitcoin rallied above $70,000 on June 10, a key metric, the realized price of Bitcoin short-term holders (STHs), surged to $64,000, providing further confirmation of the cryptocurrency's upward trajectory.

According to James Van Straten, a lead analyst at Cryptoslate, the realized price of STHs, which represents the average acquisition price for coins moved within the last 155 days and held outside exchange reserves, increased by 1.5% over the last week. This rise signals heightened short-term speculation and suggests ongoing bullish momentum for Bitcoin.

The surge in STH realized price primarily encompasses those who acquired BTC before and after the approval of the U.S. spot Bitcoin ETF in January. This trend emerged just before Bitcoin surpassed its previous all-time high of $69,000 in March.

Van Straten underscored the importance of the $64,000 level as a crucial support zone for Bitcoin's long-term outlook. Maintaining this level in the coming months could reinforce bullish sentiment among investors.

Amidst Bitcoin's strong performance, data from IntoTheBlock's In/Out of the Money Around Price (IOMAP) model revealed robust support around $69,000, indicating substantial buying activity from a significant number of addresses.

Additionally, CryptoQuant data highlighted a spike in the Taker Buy Sell Ratio on the HTX crypto exchange, signaling intensified buying pressure and positive market sentiment. Such spikes often precede notable price jumps, suggesting further upside potential for Bitcoin.

Furthermore, independent trader Ali Martinez noted a significant increase in the number of daily active addresses on the Bitcoin network, breaking a downtrend that started in March. This surge in network activity underscores growing investor participation and bolsters confidence in Bitcoin's ongoing bull run.

In summary, the confluence of factors, including the surge in STH realized price, strong support levels, heightened buying activity, and increased network participation, paints a bullish picture for Bitcoin's near-term price trajectory.