- Bitcoin prices rose as high as $65,500 on major exchanges, hitting a seven-week high.
- The advantage is that most Bitcoin holders benefit. IntoTheBlock sets this at over 90%.
Bitcoin surged past $65,000, reaching its highest price since early August 2024. More than 90% of Bitcoin holders took profits as BTC reached $65,500 on Coinbase.
In particular, there are other coins aiming to rise even higher due to the surge. Ethereum rose above $2,600, BNB rose above $600, and Solana jumped to $157.
BTC hits 7-week high.
In recent weeks, Bitcoin has struggled to break the $60,000 resistance level.
However, once the bull run came to an end, the flagship cryptocurrency soared to a seven-week high for the last time on August 2, 2024. The price of the coin reached $65,500 on most major cryptocurrency exchanges, retesting a level that could be key for both cryptocurrencies. bull and bear.
Earlier in the day, on-chain analytics platform IntoTheBlock noted that more than 90% of BTC holders would profit if Bitcoin surpasses $65,000.
Bitcoin is steadily increasing, and the number of holders making profits is also increasing accordingly.
if $BTC If it surpasses $65,000, more than 90% of holders will benefit. It’s a level last seen in July, when Bitcoin ultimately failed to reach new highs.
Now the question is: Will it be different this time? pic.twitter.com/hs156tGzfy
— IntoTheBlock (@intotheblock) September 26, 2024
Keeping in mind the recent profit-taking trades, the strength may need to be strengthened further to continue the uptrend. In the near term, key levels include $68,000 and $70,000, which could include a potential retest of the all-time high of $73,000 reached in March.
Alternatively, bears could take advantage and push prices lower. This is a scenario seen in July and early August, when Bitcoin fell from a high of $70,000.