{"id":645007,"date":"2024-09-27T17:00:06","date_gmt":"2024-09-27T17:00:06","guid":{"rendered":"https:\/\/ktsl888.com\/?p=645007"},"modified":"2024-09-27T12:40:58","modified_gmt":"2024-09-27T12:40:58","slug":"bitcoin-price-recovery-65000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-recovery-65000\/","title":{"rendered":"Here’s Who Has Been Driving The Bitcoin Price Recovery Above $65,000"},"content":{"rendered":"

Bitcoin is now trading above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This interesting increase has seen Bitcoin increase by almost 23% from a September low of $53,400 on September 6, pushing many holders into profitability.<\/span><\/p>\n

According to Santiment, this price action has been mostly fueled by increased activity from whales and sharks, with the on-chain analytics platform noting a huge accumulation trend among them.<\/span><\/p>\n

Sharks And Whales Continue To Accumulate BTC<\/h2>\n

Recent shifts in market dynamics worldwide have propelled Bitcoin back to the forefront of investor portfolios since mid-September. According to<\/span> data from Santiment,<\/span><\/a> Bitcoin’s upward price movement has been largely supported by increased accumulation from investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily accumulating additional Bitcoin over the past six months. This consistent buying behavior has played a critical role in stabilizing and propping up the price, especially during market corrections when Bitcoin has faced downward pressure.<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again<\/a><\/div>\n

Notably, these addresses have accumulated $4.08 billion worth of BTC in the past six months, and their collective holdings currently stand at 16.19 million. Santiment’s data also shows that this accumulation trend gained significant momentum starting in mid-September just after the Fed reduced the base interest rate, indicating a renewed wave of confidence among these Bitcoin investors.<\/span><\/p>\n

\"Bitcoin
Source: Santiment<\/figcaption><\/figure>\n

Current State Of Bitcoin<\/h2>\n

As noted by NewsBTC, September has <\/span>always been a crucial month<\/span><\/a> for Bitcoin’s price performance in the last quarter of the year. Interestingly, what <\/span>looked to be a bearish month<\/span><\/a> for Bitcoin in the first two weeks <\/span>has now played out <\/span><\/a>as a forerunner for a potential surge in the last quarter of 2024.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First?<\/a><\/div>\n

At the time of writing, Bitcoin is trading at $65,470 and has been up by 2.6% in the past 24 hours. Institutional investors have resumed their investments in Bitcoin since the beginning of the week. This has seen spot Bitcoin funds witness <\/span>consecutive days of inflows<\/span><\/a> since the beginning of the week. Particularly, they received $365.7 million in net inflows in the past 24 hours.<\/span><\/p>\n

Bitcoin has also seen a notable increase in open interest as investors pile up. According to Coinglass, the Bitcoin open interest now stands at $35.90 billion across multiple exchanges, reflecting a 3.53% increase in the past 24 hours. As Bitcoin\u2019s price continues to attract attention from traders across the globe, the surge in open interest could act as a catalyst for further price increases.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: CoinGlass<\/figcaption><\/figure>\n

The next step for Bitcoin’s price is a bullish break above the July high of $70,162. Surpassing this level and keeping the momentum could open the stage for Bitcoin to <\/span>easily break into new all-time highs<\/span><\/a> in October.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price still holding $65,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is now trading above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This interesting increase has seen Bitcoin increase by almost 23% from a September low of $53,400 on September 6, pushing many holders into profitability. According to Santiment, this price action has been mostly fueled by increased activity from whales and sharks, with the on-chain analytics platform noting a huge accumulation trend among them. Sharks And Whales Continue To Accumulate BTC Recent shifts in market dynamics worldwide have propelled Bitcoin back to the forefront of investor portfolios since mid-September. According to data from Santiment, Bitcoin’s upward price movement has been largely supported by increased accumulation from investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily accumulating additional Bitcoin over the past six months. This consistent buying behavior has played a critical role in stabilizing and propping up the price, especially during market corrections when Bitcoin has faced downward pressure. Related Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again Notably, these addresses have accumulated $4.08 billion worth of BTC in the past six months, and their collective holdings currently stand at 16.19 million. Santiment’s data also shows that this accumulation trend gained significant momentum starting in mid-September just after the Fed reduced the base interest rate, indicating a renewed wave of confidence among these Bitcoin investors. Current State Of Bitcoin As noted by NewsBTC, September has always been a crucial month for Bitcoin’s price performance in the last quarter of the year. Interestingly, what looked to be a bearish month for Bitcoin in the first two weeks has now played out as a forerunner for a potential surge in the last quarter of 2024.\u00a0 Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? At the time of writing, Bitcoin is trading at $65,470 and has been up by 2.6% in the past 24 hours. Institutional investors have resumed their investments in Bitcoin since the beginning of the week. This has seen spot Bitcoin funds witness consecutive days of inflows since the beginning of the week. Particularly, they received $365.7 million in net inflows in the past 24 hours. Bitcoin has also seen a notable increase in open interest as investors pile up. According to Coinglass, the Bitcoin open interest now stands at $35.90 billion across multiple exchanges, reflecting a 3.53% increase in the past 24 hours. As Bitcoin\u2019s price continues to attract attention from traders across the globe, the surge in open interest could act as a catalyst for further price increases.\u00a0 The next step for Bitcoin’s price is a bullish break above the July high of $70,162. Surpassing this level and keeping the momentum could open the stage for Bitcoin to easily break into new all-time highs in October.\u00a0 Featured image created with Dall.E, chart from Tradingview.com \u00a0<\/p>\n","protected":false},"author":594,"featured_media":645053,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-645007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nHere's Who Has Been Driving The Bitcoin Price Recovery Above $65,000<\/title>\n<meta name=\"description\" content=\"Bitcoin is now trading above the $65,000 price level for the first time 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here’s Who Has Been Driving The Bitcoin Price Recovery Above $65,000","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-recovery-65000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-recovery-65000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin_e04fe1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin_e04fe1.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-09-27T17:00:06Z","datePublished":"2024-09-27T17:00:06Z","dateModified":"2024-09-27T17:00:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here’s Who Has Been Driving The Bitcoin Price Recovery Above $65,000\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-price-recovery-65000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-price-recovery-65000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin_e04fe1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin_e04fe1.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-09-27T17:00:06Z\",\"datePublished\":\"2024-09-27T17:00:06Z\",\"dateModified\":\"2024-09-27T17:00:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin_e04fe1.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/645007"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=645007"}],"version-history":[{"count":1,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/645007\/revisions"}],"predecessor-version":[{"id":645056,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/645007\/revisions\/645056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/645053"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=645007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=645007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=645007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}