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Bitcoin (BTC), the first and largest cryptocurrency by market capitalization reached a high of $65,250 during Thursday's trading session, a level not seen since August.
The broader crypto market is paying attention to the BTC price movement, particularly as it nears a key profitability milestone.
According to on-chain analytics platform IntoTheBlock, Bitcoin is steadily climbing, and with it, the number of holders in profit.
IntoTheBlock added that if BTC breaks $65,000, well over 90% of holders will be in profit; a level last seen in July when Bitcoin failed to achieve a new high. It raises the crucial question of whether this time will be different.
Bitcoin saw profit-taking in late July after failing to break the $70,000 barrier, reaching lows of $49,050 on Aug. 5 before rebounding.
At the time of writing, BTC was up 0.92% in the last 24 hours to $64,536. Several cryptocurrencies, including Shiba Inu (SHIB), Dogwifhat (WIF) and Worldcoin (WLD), have rallied immensely as bullish sentiment boosted the market in early Thursday's trading session.
Fed signal awaited
The Fed announced its first round of cuts last week, causing risk assets such as Bitcoin to surge, and traders forecast a further 50-basis-point cut in November.
Alex DovbnyaDuring a Wednesday hearing before the Financial Services Committee, Gary Gensler, Chair of the Securities and Exchange Commission (SEC), explained his position on Bitcoin, declaring that it is not a security in answer to concerns posed by Republican committee chair Patrick McHenry. This also bolstered Bitcoin market sentiment.
Traders are looking for clues on the pace of interest rate cuts in speeches from key Federal Reserve policymakers, including Federal Reserve Chair Jerome Powell, as well as economic data.
Arman Shirinyan
Godfrey Benjamin
Dan Burgin
Alex Dovbnya