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

• 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.

Bitcoin is steadily climbing, and with it, the number of holders in profit.

If $BTC breaks $65k, well over 90% of holders will be in profit; a level we last saw in July, when Bitcoin ultimately failed to reach a new high.

The question now is: will this time be different? pic.twitter.com/hs156tGzfy

— IntoTheBlock (@intotheblock) September 26, 2024

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