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

CoinJournal

Cryptocoins News / CoinJournal 39 Views

  • Bitcoin’s price rose to $65,500 on major exchanges, reaching a seven-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 since early August 2024. The surge, 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 seven-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 mark.

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 and early August as Bitcoin declined from highs of $70k.

The post Bitcoin surges past $65k pushing 90% of holders into profit appeared first on CoinJournal.


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