Bitcoin’s Uptrend Holds Strong as Buyers Push Realized Price Higher

Bitcoin (BTC) has continued to flash bullish signals, with on-chain data and technical indicators reinforcing the narrative of an ongoing uptrend despite minor short-term pullbacks.At the heart of this optimism is the rise in the flagship cryptocurrency’s realized price, a key market metric that reflects the average purchase price of BTC currently in circulation.Realized Price Signals Sustained Bullish MomentumAccording to an analysis by CryptoQuant contributor Crypto Dan, the realized price is climbing steadily, a trend that typically comes before bullish momentum rather than market downturns.“The reason the realized price is rising is that more and more market participants are purchasing Bitcoin at higher prices,” Dan explained, describing the ongoing increase as “evidence that Bitcoin is still in an uptrend within its current cycle.”He attributed much of this upward movement to institutional inflows through spot BTC ETFs and corporations like Strategy, which recently bought 13,390 BTC for more than $1.3 billion. Others like Metaplanet have also contributed, acquiring 1,271 BTC for about $126.7 million.This steady capital inflow has not just buoyed sentiment but is tangibly pushing on-chain metrics higher.Also complementing this trend is a historic shift in Bitcoin’s supply dynamics. Data from Glassnode shows that the cryptocurrency’s illiquid supply, held by entities that rarely sell, has hit a cycle high of 14 million BTC.It means that long-term holders are locking up their stash and reducing market liquidity, with Santiment reporting that whales have accumulated an additional 83,000 BTC in the last month. Observers often view this hoarding behavior as a sign that investors are confident prices will appreciate in the future.Bitcoin Closing in on ATHThe technical picture further echoes this bullishness. CQ analyst Crazzyblockk recently revealed that the Binance Taker Buy-Sell Ratio remains elevated, indicating consistent buying pressure, while funding rates on major exchanges have stayed positive.Pseudonymous analyst Mr. Wall Street has even forecast that BTC could push as high as $200,000 before the end of this market cycle.Presently, Bitcoin is trading at around $103,468, a slight 0.9% drop from yesterday’s price, having oscillated between an intraday high of $104,536 and a low of $101,109 per CoinGecko data.The small dent hasn’t taken much away from BTC’s almost 10% gain in the last seven days and nearly 22% jump over the past month. Additionally, it is up more than 64% on a yearly scale, and edging ever closer to its all-time high of $108,786, which exceeds the current price by less than 5%.The post Bitcoin’s Uptrend Holds Strong as Buyers Push Realized Price Higher appeared first on CryptoPotato.