Over 90% of BTC Holders Profit As Bitcoin Price Rises Beyond $65,000

Bitcoin price is on a roll again as the asset has broken above $65,000 for the first time in a month.

This has more than 90% of its profit holders, which could spell danger for the largest cryptocurrency.

Bitcoin is constantly increasing and with it the number of profit holders.

yes $BTC breaks $65,000, more than 90% of holders will make a profit; a level we last saw in July, when Bitcoin finally failed to make a new high.

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

— IntoTheBlock (@intotheblock) September 26, 2024

IntoTheBlock’s tweet was only a few minutes ago, but the landscape has already changed. It is said that more than 90% of BTC investors would make a profit if the price of the underlying asset rises above $65,000.

The cryptocurrency hovered around $64,000, but went on the offensive in the following minutes and surged to $65,260. This has become its highest level since August 2 and is the third time since then that the price of BTC has reached $65,000.

Bitcoin/Price/Chart 09/26/2024. Source: TradingView

However, reaching such high levels of profit investors could lead to potential price corrections. This is because many tend to offload their assets in these environments when their holdings are in the green.

That’s what happened in July, when profit holders reached the same levels of more than 90%. In the following months, the price of BTC crashed with many profits realized.

CryptoPotato reported earlier today that the price of the cryptocurrency could be in trouble in the short term due to massive selling initiated by large investors known as whales. In a 24-hour period, they unloaded $1.28 billion worth of BTC.

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