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.
Bitcoin [BTC] has recently broken and sustained a price level above $65,000, significantly impacting its investors.
This milestone means that over 90% of BTC holders are now in profit due to the price surge. However, this rapid increase might introduce pressure on the price in the short term.
Over 90% of Bitcoin holders now profitable
According to a recent report from IntoTheBlock, more than 90% of Bitcoin holders stood to profit if the cryptocurrency broke the $65,000 barrier—a threshold it has now surpassed.
As of this writing, approximately 94% of holders are in the green. The last time such a high percentage of investors were profitable was in July, highlighting the significance of this achievement.
Source: IntoTheBlock
Bitcoin breaks the $65,000 mark
An analysis by AMBCrypto highlights the upward trend in Bitcoin’s price action. Currently trading at $65,400, up 0.34%, BTC continues its steady climb from recent lows.
In the previous trading session, the cryptocurrency experienced a rise of over 3%, pushing its price to around $65,177.
Source: TradingView
Technical indicators show that the 50-day moving average (yellow) is at $60,009, while the 200-day moving average (blue) sits at $63,021. Bitcoin trading above both these averages signals a bullish trend reversal.
The Relative Strength Index (RSI) is currently at 65.49, approaching overbought territory but still indicating strong buying momentum.
Implications of the price increase
The movement above both moving averages, coupled with a rising RSI, suggests that Bitcoin is in a healthy uptrend.
If this momentum persists, Bitcoin could test the next resistance levels between $67,000 and $70,000—areas where previous price rejections have occurred.
However, with the RSI nearing overbought levels, a short-term pullback is possible, which would be a normal correction within an uptrend.
Despite potential dips, as long as Bitcoin remains above the 50-day and 200-day moving averages, the overall trend stays bullish. Such pullbacks may present buying opportunities for investors.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Historical data shows that in July, during a similar positive run, Bitcoin reached a peak of around $68,000 but failed to retest its all-time high (ATH) as sellers regained control of the market.
This pattern suggests caution, as the current rally might face similar resistance.
