Bitcoin trading, like any volatile asset, can generate both meteoric gains and painful losses. Short-term traders, always on the lookout, suffer from the rapid fluctuations of the markets. The “HODLers”, on the other hand, hunker down, patiently waiting for the price to change. Recently, the price of Bitcoin climbed above $62,000, sparking excitement throughout the crypto community. But how far will it go?
Bitcoin Breaks New Highs Thanks to the FED
The recent US Federal Reserve decision to lower its interest rates had the effect of a Bitcoin boost. With lower borrowing rates, The appeal of risk assets like crypto has intensifiede, allowing Bitcoin to Crossing the $62,000 mark.
According to IntoTheBlock data, Nearly 88% of Bitcoin HODLers Are Currently Booking Paper Profitswhile the others are at the break-even point.
Better yet, no one is in the red yetwhich strengthens the confidence of investors. Among them, Jellean avid user, says that “ The 3-day bullish divergence is playing out, and it doesn't seem to be over yet ” Here are some interesting figures to help you understand better:
- 71% of holders are long-term investors;
- 25% have been in the adventure for less than a year;
- Only 5% have joined the Bitcoin train in the last 30 days.
The crypto wave is just beginning
The bullish wave that is shaking the crypto market is not limited to Bitcoin. THE TRON (TRX) also shows good progress, with 94% of its holders in a profitable situation.
However, part of the reason bitcoin is attracting so much attention is because growing optimism surrounding a possible new bull run. Some analysts even predict that if the flagship crypto manages to surpass the $65,000, a real bull run could be triggered.
Crypto traders across the board are keeping a close eye on this key resistance. Analyst Ali Martinez had previously warned: “ Close above $61,500 could revive bull market “.
However, although Bitcoin ended the day below this threshold, the community remains resolutely optimistic. After all, the month of October, nicknamed “Uptober” by some, could still hold many surprises.
Additionally, if you are just diving into the world of crypto, this guide will be a valuable ally to help you better manage the risks of trading.
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