Bitcoin is back in the game, folks! The king of cryptocurrencies has blasted past the $65,000 mark for the first time in a month, and it's got everyone buzzing.
Here's the kicker: over 90% of Bitcoin holders are now sitting pretty with profits. Sounds amazing, right? But wait, there’s a twist. This could actually spell trouble for Bitcoin. Why? Because when too many people are in the green, they often decide to cash out, which can lead to price drops.
IntoTheBlock recently tweeted about this very scenario. They pointed out that if Bitcoin crosses $65k, more than 90% of its holders will be in profit. We last saw this in July, and Bitcoin didn’t quite make it to a new high back then. So, the burning question: will this time be different?
Well, Bitcoin didn’t just cross $65k; it soared to $65,260, its highest level since August 2nd. This marks the third time BTC has hit the $65,000 milestone since then.
But beware, this high profit level can trigger sell-offs. Remember July? Many investors cashed out when they saw their profits, and Bitcoin's price tumbled in the following months.
And here's some fresh tea: big-time investors, aka whales, just dumped $1.28 billion worth of Bitcoin within 24 hours. So, while Bitcoin's sky-high price is thrilling, the massive sell-offs could mean a rocky road ahead.
Stay tuned, crypto fans!
