TL;DR
Bitcoin at all-time highs: Bitcoin surges past $62,000 following US Federal Reserve interest rate cut
Holders in profit: 88% of Bitcoin holders are in profit, while 12% are in the breakeven.
Future Outlook: Analysts believe that Bitcoin could reach new highs if it breaks the $65,000 resistance.
The recent surge in the value of Bitcoin has captured the attention of the market and the crypto community, largely driven by a key decision by the US Federal Reserve.
On September 18, 2024, the central bank cut interest rates for the first time in years, which has had a significant impact on risk assets, including Bitcoin (BTC).
This reduction has made it easier to borrow money, potentially increasing investor interest in cryptocurrencies.
As a result, the price of Bitcoin has surpassed $62,000, leading to 88% of Bitcoin holders currently being in profit, while the remaining 12% are in the red.
There are no records of losing holders at this time.
The situation is especially notable given that most Bitcoin holders are long-term investors.
According to data from IntoTheBlock, 71% of holders have been in the market for over a year, underscoring investor confidence and commitment to the cryptocurrency despite its volatility.
Only 25% of holders joined in the last year, and a small 5% have invested in the last 30 days.
This long-term investor profile has been crucial to maintaining the stability and growth of the Bitcoin price.
In addition to Bitcoin, Tron (TRX) has also shown outstanding performance.
Much like Bitcoin, a large majority of TRX holders are in profit, with 94% in the positive.
Although the price of TRX has declined slightly over the past week, it still shows an impressive 50% gain since the beginning of the year, trading around $0.15.
This indicates a positive trend in the cryptocurrency market as a whole.
Outlook for Bitcoin
With the recent surge in Bitcoin price and growing excitement in the market, expectations are high for the near future.
Analysts like Jelle on X have pointed out that Bitcoin’s three-day bullish divergence is in play and that the uptrend could continue.
Jelle suggests that a break of the $65,000 resistance level could trigger an extended bull market phase.
Ali Martinez, for his part, has emphasized that Bitcoin’s next bullish push will depend on the price closing above $61,500.
Although Bitcoin failed to achieve this goal in the short term, the general enthusiasm for the market and current economic conditions could continue to favor its growth.
As October approaches, investors and analysts are on the lookout for any signs that might confirm the continuation of this positive trend.
The combination of favorable economic factors and growing cryptocurrency adoption could create a favorable environment for Bitcoin and other cryptocurrencies to reach new highs in the coming months.
