No Bitcoin HODLer is currently losing money – data

TL;DR

Bitcoin broke above $62,000 after the US Fed cut interest rates, with 88% of holders now in profit. Analysts remain bullish on BTC, predicting further gains if it regains the $65,000 resistance level, with growing optimism for an extended bull run.

The great achievement

The price of Bitcoin has witnessed a substantial rise of late, surpassing $62,000 following the much-anticipated US Federal Reserve pivot. The US central bank cut interest rates on September 18 for the first time in years, making it cheaper to borrow money and potentially increasing investor interest in risky assets like BTC.

According to IntoTheBlock, nearly 88% of HODLers are currently sitting on paper profits, while 12% are breaking even. What’s more interesting is that no one who owns the asset is underwater at this point.

BTC holders, Source: IntoTheBlock

IntoTheBlock data further shows that 71% of BTC holders are long-term investors, who entered the ecosystem more than 12 months ago. 25% have done so in the past year, while only 5% have jumped on the bandwagon in the last 30 days.

Another high-ranking cryptocurrency whose holders are predominantly in the green is Tron (TRX). Currently, 94% of its investors are sitting on paper profits, 3.4% are breaking even, and only 2.7% are down on their initial investments.

The price of TRX is down slightly on a weekly basis, but in the green since the beginning of the year. It is trading around $0.15 as of now, which is a 50% increase since January 1st.

Is BTC ready to climb to higher ground?

Bitcoin’s resurgence was met with great enthusiasm by many members of the cryptocurrency community, some of whom believe that the rally is nowhere near its end.

X user Jelle argued that BTC’s “3-day bullish divergence is happening and it doesn’t seem to be over yet.” The analyst believes a run of “full touches” could be ignited once the asset regains the $65,000 resistance level. “It’s getting close fast. Let’s roll,” they concluded.

Ali Martinez also contributed. He stated that the resumption of the bull market depends on BTC closing above $61,500 on September 18. However, the asset failed to meet this target and ended the day around $60,200.

#Bitcoin tries to break a major trend line. A close above $61,500 today could signal the resumption of the bull market! #Uptober pic.twitter.com/CU2a38Jsdh

— Ali (@ali_charts) September 18, 2024

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