Bitcoin’s latest rally puts 94% of holders in profit – What happens now?
The post Bitcoin’s latest rally puts 94% of holders in profit – What happens now? appeared on BitcoinEthereumNews.com.
Journalist Posted: September 27, 2024 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…
Filed under: News - @ September 27, 2024 10:21 am