- BTC price reached $65,500 on major exchanges, a seven-week high.
- The rally put most Bitcoin holders in profit, with IntoTheBlock estimating over 90% are now profitable.
Bitcoin surpassed $65,000, marking its highest price since early August 2024. The rapid move toward $65,000 — with BTC hitting $65,500 on Coinbase — pushed more than 90% of Bitcoin holders into profitable positions, according to on-chain analytics.
The surge in Bitcoin’s price also lifted other cryptocurrencies. Ethereum strengthened above $2,600, BNB rose past $600, and Solana climbed to $157.
BTC Hits a Seven-Week High
In recent weeks, Bitcoin struggled to break the $60,000 resistance. Once bulls cleared that level, the flagship cryptocurrency pushed to a seven-week high last seen on August 2, 2024.
The price reached the $65,500 zone on most major crypto exchanges, a level that now serves as an important test for both bullish and bearish market participants.
Earlier in the day, on-chain analytics provider IntoTheBlock noted that if Bitcoin rose above $65,000, more than 90% of BTC holders would be in profit.
Bitcoin is steadily climbing, and with it, the number of holders in profit.
If $BTC breaks $65k, well over 90% of holders will be in profit; a level we last saw in July, when Bitcoin ultimately failed to reach a new high.
The question now is: will this time be different? pic.twitter.com/hs156tGzfy
— IntoTheBlock (@intotheblock) September 26, 2024
This scenario has now played out, and with profit-taking already occurring, bulls may need additional momentum to sustain the rally.
Near-term resistance levels to watch are $68,000 and $70,000, which could set the stage for another attempt at the all-time high near $73,000 reached in March.
Conversely, bears could seize the opportunity to push prices lower — a pattern that occurred in July and early August when BTC retreated from the $70,000 highs.