Cryptocurrency | Crypto currency | Crypto | Bitcoin News
BTC
$60,455.56
-3.03
ETH
$2,358.25
-3.44
LTC
$64.33
-2.46
DASH
$22.64
-2.42
XMR
$147.92
-0.76
NXT
$0.00
-3.03
ETC
$17.96
-2.01
DOGE
$0.11
-0.76
ZEC
$29.04
-0.86
BTS
$0.00
-2.06

Bitcoin surges past $65k to push 90% of holders into profit

9

  • BTC price rose to $65,500 on major exchanges, a 7-week high.
  • The upside sees most Bitcoin holders in profit, which IntoTheBlock puts at over 90%

Bitcoin has spiked past $65,000, reaching the highest price level since early August 2024. The surge to the $65k level, with BTC hitting $65,500 on Coinbase, has put more than 90% of Bitcoin holders into profit.

Notably, the surge has other coins looking to break higher. Ethereum has strengthened above $2,600, BNB is above $600 and Solana has jumped to $157.

BTC/USD price chart. Source: TradingView

BTC hits 7-week high

In recent weeks, Bitcoin had struggled to breach resistance at $60k.

However, once bulls did, the flagship cryptocurrency has run to a seven-week high last seen on August 2, 2024. The coin’s price hit the $65.5k area on most major crypto exchanges to see it retest a level likely to be key for both bulls and bears.

Earlier in the day, on-chain analytics platform IntoTheBlock noted that more than 90% of BTC holders would swing profitable if Bitcoin crossed the $65k.

This has happened and with recent profit taking deals in mind, bulls may need further strengthening to continue higher. Short term, the key levels are at $68k and $70k – which could include a potential retest of the all-time high of $73k reached in March.

Alternatively, bears may take advantage and return prices lower – a scenario witnessed in July/early August as BTC declined from highs of $70k.





Source link

Leave A Reply

Your email address will not be published.