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Home»Bitcoin»Bitcoin’s Latest Rally Gives 94% of Holders Profits – What Happens Now?
Bitcoin

Bitcoin’s Latest Rally Gives 94% of Holders Profits – What Happens Now?

2024-09-27No Comments3 Mins Read
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Posted: September 27, 2024

  • Bitcoin was trading at over $65,000 at the time of writing.
  • The last time it had a similar rally was in July, stopping around $68,000.

Bitcoin [BTC] has recently broken and maintained a price level above $65,000, which has had a significant impact on its investors.

This milestone means that more than 90% of BTC holders are now making a profit as a result of the price increase. However, this rapid increase could put pressure on prices in the short term.

More than 90% of Bitcoin holders are now profitable

According to a recent report from InHetBlokMore than 90% of Bitcoin holders would benefit from the cryptocurrency breaking the $65,000 barrier – a threshold it has now crossed.

At the time of writing, approximately 94% of holders are in the green. The last time such a high percentage of investors were profitable was in July, underscoring the importance of this achievement.

Bitcoin holders in profitBitcoin holders in profit

Source: IntoTheBlock

Bitcoin breaks the $65,000 barrier

An analysis from AMBCrypto highlights the upward trend in Bitcoin’s price action. BTC is currently trading at $65,400, up 0.34%, continuing its steady climb from recent lows.

During the previous trading session, the cryptocurrency rose over 3%, pushing its price to around $65,177.

Bitcoin price developmentBitcoin price development

Source: TradingView

Technical indicators show that the 50-day moving average (yellow) is $60,009, while the 200-day moving average (blue) is $63,021. Bitcoin trading above both averages indicates a bullish trend reversal.

The Relative Strength Index (RSI) currently stands at 65.49 and is approaching overbought territory, but still indicates strong buying momentum.

See also  Trader Predicts 2,230% Rally for One Under-the-Radar Altcoin, Says Bullish Jump in Sight for Cardano and Fantom

Consequences of the price increase

The move above both moving averages, coupled with a rising RSI, suggests that Bitcoin is in a healthy uptrend.

If this momentum continues, Bitcoin could test the next resistance levels between $67,000 and $70,000 – areas where previous price rejections have occurred.

However, with the RSI approaching overbought levels, a short-term pullback is possible, which would be a normal correction within an uptrend.

Despite potential dips, the overall trend remains bullish as long as Bitcoin remains above the 50 and 200 day moving averages. Such pullbacks could provide buying opportunities for investors.


Read Bitcoin’s [BTC] Price forecast 2024-25


Historical data shows that Bitcoin peaked at around $68,000 in July, during a similar positive run, but failed to retest its all-time high (ATH) as sellers regained control of the market.

This pattern suggests caution as the current rally could encounter similar resistance.

Previous: Cardano Soars 15% – Is This the Start of a Massive ADA Rally?

Next: Bitcoin Profitability Rises During the Rally: Time for $70,000?

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Bitcoins holders Latest profits rally
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