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 paying attention to BTC’s price movement, especially as it nears a key profitability milestone. According to on-chain analytics platform IntoTheBlock, Bitcoin is steadily climbing, along with the number of holders in profit.

IntoTheBlock noted that if BTC breaks $65,000, over 90% of holders will be in profit; a level last seen in July when Bitcoin struggled to achieve a new high. This raises the crucial question of whether this time will be different.

Bitcoin experienced 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, trading at $64,536. Several other cryptocurrencies, including Shiba Inu (SHIB), Dogwifhat (WIF), and Worldcoin (WLD), have also rallied as bullish sentiment grew in Thursday’s trading session.

Awaiting Fed Signals

The Fed announced its first round of cuts last week, pushing risk assets like Bitcoin to surge, with traders predicting a further 50-basis-point cut in November.

During a hearing before the Financial Services Committee, Gary Gensler, Chair of the SEC, clarified that Bitcoin is not a security in response to concerns raised by Republican committee chair Patrick McHenry, further boosting market sentiment.

Traders are looking for hints about the pace of interest rate cuts in upcoming speeches from key Federal Reserve policymakers, including Federal Reserve Chair Jerome Powell, alongside economic data.