U.Today – (BTC), the first and largest cryptocurrency by market capitalization, reached a high of $65,250 during Thursday’s session, a level not seen since August.
The broader cryptocurrency market is paying attention to BTC’s price movement, especially as it approaches a key profitability milestone.
According to the IntoTheBlock analytical platform, Bitcoin is constantly growing and with it the number of profit holders.
IntoTheBlock added that if BTC exceeds $65,000, well over 90% of holders will profit; a level last seen in July, when Bitcoin failed to reach a novel high. The fundamental question arises whether it will be different this time.
Bitcoin saw profit-taking in overdue July after failing to break the $70,000 barrier, reaching lows of $49,050 on August 5 before rebounding.
At the time of writing, BTC is up 0.92% in the last 24 hours to $64,536. Several cryptocurrencies including (SHIB), Dogwifhat (WIF) and Worldcoin (WLD) rallied massively as bullish sentiment lifted the market at the start of Thursday’s trading session.
The Fed’s signal was awaited
Last week, the Fed announced its first round of cuts, sending risk assets like Bitcoin soaring, with investors forecasting further cuts of 50 basis points in November.
During a hearing before the Financial Services Committee on Wednesday, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), clarified his position on Bitcoin, declaring that it is not a security in response to concerns expressed by Republican committee chairman Patrick McHenry. This also improved sentiment in the Bitcoin market.
Traders are looking for clues about the pace of interest rate cuts from speeches by key Federal Reserve policymakers, including Federal Reserve Chairman Jerome Powell, as well as economic data.
