The price of BTC has risen to a seven-week high of $65,500 on major exchanges. The rally has resulted in most bitcoin holders taking profits, which IntoTheBlock estimates as much as 90% or more.
Bitcoin has surged above $65,000, reaching its highest price level since early August 2024. The surge to the $65,000 level saw BTC hit $65,500 on Coinbase, resulting in profits for over 90% of Bitcoin holders.
Notably, this surge has also seen other coins attempt to reach even higher highs, with Ethereum climbing above $2,600, BNB over $600 and Solana soaring to $157.
BTC hits highest price in seven weeks
In recent weeks, Bitcoin has struggled to break above the $60,000 resistance.
However, once the bulls got going, the flagship cryptocurrency rallied to a seven-week high last recorded on August 2, 2024. The coin's price reached around $65,500 on most major cryptocurrency exchanges, retesting a key level for both bulls and bears.
On the same day, on-chain analytics platform IntoTheBlock noted that over 90% of BTC holders would realize profits if Bitcoin surpassed $65,000.
Bitcoin has been steadily increasing in value, and with it, the number of holders reaping the benefits.
More than 90% of holders would stand to gain if BTC breaches $65,000, a level last seen in July when Bitcoin ultimately failed to reach its all-time high.
The question now is: Will it be different this time? pic.twitter.com/hs156tGzfy
— IntoTheBlock (@intotheblock) September 26, 2024
This has already happened and given the recent profit-taking, bulls may need further strengthening to continue the upside. In the short term, key levels include $68,000 and $70,000, which could result in a retest of the all-time high of $73,000, reached in March.
Alternatively, the bears could take advantage of this and push the price even lower, a scenario we saw in July/early August when BTC fell from a high of $70,000.
