Bitcoin Price Surge

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.

Market Reaction

The broader crypto market is closely monitoring BTC's price movement as it approaches a significant profitability milestone. According to the on-chain analytics platform IntoTheBlock, Bitcoin is steadily climbing and the number of holders in profit is increasing.

IntoTheBlock stated that if BTC breaks $65,000, over 90% of holders will be in profit; a level not reached since July when Bitcoin last failed to achieve a new high. This situation raises the critical question of whether this time will be different.

Bitcoin experienced profit-taking in late July after failing to surpass the $70,000 barrier, reaching lows of $49,050 on August 5 before rebounding. At the time of writing, BTC was up 0.92% in the last 24 hours, at $64,536. Several cryptocurrencies, including Shiba Inu (SHIB), Dogwifhat (WIF), and Worldcoin (WLD), have seen significant rallies as bullish sentiment boosted the market during Thursday's session.

Fed Signal Awaited

Last week, the Fed announced its first round of interest rate cuts, causing risk assets like Bitcoin to surge, with traders anticipating a further 50-basis-point cut in November.

During a Wednesday hearing before the Financial Services Committee, Gary Gensler, Chair of the Securities and Exchange Commission (SEC), clarified that Bitcoin is not a security, addressing concerns raised by Republican committee chair Patrick McHenry. This declaration further enhanced Bitcoin market sentiment.

Traders are keenly looking for clues about the pace of interest rate cuts from key Federal Reserve policymakers, including Federal Reserve Chair Jerome Powell, as well as upcoming economic data.

This article was originally published on U.Today