Bitcoin surpasses US$65,000, but whale sales could threaten new highs

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Bitcoin surpasses US$65,000, but whale sales could threaten new highs
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The price of Bitcoin rose again, surpassing the US$65,000 mark for the first time in a month. This move put more than 90% of cryptocurrency holders in profit. This, historically, can represent a warning sign for possible price corrections.

According to the analysis platform IntoTheBlock, if Bitcoin remains above US$65,000, most investors will be in profit. However, this can increase the likelihood of mass sales. After all, many investors tend to take profits when their positions become profitable.

“If BTC breaks $65K, well over 90% of holders will be in profit, a level we last saw in July when Bitcoin failed to reach a new record,” highlighted IntoTheBlock in a post on X (formerly Twitter) on September 26, 2024.

Shortly after this analysis, the price of the cryptocurrency went from US$64,000 to US$65,260, marking the highest value since August 2nd. According to data from CoinGecko, BTC is recording a daily increase of 3.2%.

Bitcoin Price Analysis

This is the third time since then that Bitcoin has tested this price range. And just as on previous occasions, there is a risk of correction as many investors look to profit from the rise.

This scenario is nothing new. In July, a similar situation occurred when the number of holders in profit exceeded 90%. Soon after, the price of Bitcoin suffered a significant drop as investors began selling their holdings.

The recent rise also caught the attention of large investors, known as “whales”. These whales sold around $1.28 billion worth of Bitcoin in the last 24 hours, which could further exacerbate the possibility of a short-term correction.

Bitcoin’s upward trajectory, although positive for many investors, also brings uncertainty. The combination of recent rallies, big profits and sell-offs from big investors creates a volatile environment where the future of the cryptocurrency’s price will depend on its ability to maintain market interest and confidence.

Bitcoin surpasses US$65,000, but whale sales could threaten new highs

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Bitcoin surpasses US$65,000, but whale sales could threaten new highs

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Bitcoin surpasses US$65,000, but whale sales could threaten new highs

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