- Bitcoin was trading over $65,000 at press time.
- The last time it saw a similar rally was in July, and it stopped at around $68,000.
As a seasoned analyst with years of experience navigating the cryptocurrency market, I must admit that watching Bitcoin break the $65,000 barrier and seeing over 90% of holders in profit is nothing short of exhilarating. It’s like witnessing a phoenix rising from the ashes – a testament to the resilience and potential of this digital gold.
In recent times, the value of Bitcoin (BTC) has surpassed and maintained an impressive level beyond $65,000, causing a notable effect on its investors.
Reaching this milestone implies that more than 90% of Bitcoin owners are currently earning a profit thanks to the recent price rise. Yet, this swift growth could potentially lead to temporary price fluctuations as demand may outpace supply in the near future.
Over 90% of Bitcoin holders now profitable
As per a recent analysis by IntoTheBlock, over 90% of Bitcoin owners would realize a profit if Bitcoin’s value exceeded $65,000. Remarkably, Bitcoin has already gone beyond this mark.
Currently, around 94% of the investors are making a profit. This is noteworthy because the last time so many investors saw returns was back in July, underscoring the importance and impact of this milestone.
Bitcoin breaks the $65,000 mark
According to an assessment by AMBCrypto, Bitcoin’s price movement shows a rising pattern. At present, it is being traded at approximately $65,400, marking a 0.34% increase. Bitcoin has been steadily ascending from its recent minimal prices.
During the last trading day, the value of the cryptocurrency increased by more than 3%, reaching approximately $65,177.
The technical analysis reveals that the 50-day moving average stands at approximately $60,009, and the 200-day moving average is around $63,021. If Bitcoin continues to trade above these two averages, it suggests a potential shift in the market trend towards bullishness or a reversal of the previous downtrend.
Right now, the Relative Strength Index (RSI) stands at 65.49, which suggests it’s getting close to an overbought state, yet it continues to signal robust purchase activity.
Implications of the price increase
Moving above the two average lines, along with an increasing Relative Strength Index (RSI), indicates that Bitcoin’s current trend appears strong and positive.
Should this current trend continue, Bitcoin might encounter its upcoming resistance points ranging from $67,000 to $70,000 – regions where past price refusals have taken place.
As I’m closely monitoring the Relative Strength Index (RSI), it seems we’re approaching overbought territory. This could potentially trigger a brief pullback, which is typically a normal corrective phase within an ongoing uptrend.
Even if there might be temporary drops, as long as Bitcoin exceeds its 50-day and 200-day average values, the general direction remains optimistic. These downturns could offer attractive investment chances for traders.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Previous trends indicate that in July, when there was a similar price surge, Bitcoin hit approximately $68,000. However, it didn’t manage to touch its record high again because the sellers resumed dominance over the market.
This pattern suggests caution, as the current rally might face similar resistance.
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2024-09-27 13:11