Bitcoin At $62,000: Not A HODLer At A Loss, But For How Long?

Bitcoin trading, like with any volatile asset, can produce both staggering gains and painful losses. Short-term traders, always on the lookout, endure sharp market fluctuations. “HODLers,” on the other hand, hang tight, patiently waiting for price changes. Recently, Bitcoin’s price surged above $62,000, generating enthusiasm within the entire crypto community. But how far will it go?

Bitcoin Reaches New Highs Thanks to the Fed

The recent decision by the U.S. Federal Reserve to lower its interest rates acted as a shot in the arm for Bitcoin. With lower borrowing rates, the appeal of risky assets like crypto intensified, allowing Bitcoin to breach the $62,000 mark.

According to data from IntoTheBlock, nearly 88% of Bitcoin HODLers are currently registering paper profits, while the rest are at breakeven.

Even better, no one is in the red as of now, which bolsters investor confidence. Among them, Jelle, an avid user, claims that “the 3-day bullish divergence is unfolding, and it doesn’t seem to be over yet.” Here are some interesting numbers to better understand:

• 71% of holders are long-term investors;
• 25% have been in the game for less than a year;
• Only 5% boarded the Bitcoin train in the last 30 days.

#Bitcoin's 3-day bullish divergence is playing out, and it looks like it ain't done just yet. 👀

All eyes on $65,000.

Above there, and higher-timeframe structure flips to full bull again.

Uptober approaching quickly. Let's roll. pic.twitter.com/bToOwNkbNi

— Jelle (@CryptoJelleNL) September 19, 2024

The Crypto Wave is Just Getting Started

The bullish wave shaking the crypto market isn’t limited to Bitcoin. TRON (TRX) is also showing impressive progress, with 94% of its holders in profit.

However, Bitcoin draws so much attention partly due to the growing optimism surrounding a potential new bull run. Some analysts predict that if the leading crypto manages to surpass $65,000, a genuine bull run could commence.

Crypto traders from all corners are keeping a close watch on this key resistance. Analyst Ali Martinez had already warned: “A close above $61,500 could reignite the bull market.”

#Bitcoin attempts to break through an important trend line. Closing today above $61,500 could signal the resumption of the bull market! #Uptober 👀 pic.twitter.com/CU2a38Jsdh

— Ali (@ali_charts) September 18, 2024

However, although Bitcoin ended the day below this threshold, the community remains resolutely optimistic. After all, October, dubbed “Uptober” by some, might still hold many surprises.

Furthermore, if you are new to the crypto world, this guide will be a valuable ally to help you better manage trading risks.