Bitcoin is back above $65,000, a level it hasn’t seen in two months! This surge represents a nearly 23% increase from its September low, putting many investors back in the green.
Whale Watch: Big Money Buys Bitcoin
According to on-chain analytics, the recent price jump is largely due to big players – whales and sharks – buying up Bitcoin. These investors, who hold 10 or more Bitcoins, have been steadily accumulating the cryptocurrency for the past six months, totaling over $4 billion in purchases.
This buying spree gained momentum in mid-September, right after the Federal Reserve cut interest rates, indicating a renewed confidence in Bitcoin among these big investors.
Bitcoin’s Bullish Outlook
September has historically been a crucial month for Bitcoin’s price performance. While the first two weeks looked a bit bearish, the recent surge suggests a strong finish to the year.
Institutional investors are also jumping back in, with Bitcoin spot funds seeing consecutive days of inflows. This, combined with a significant increase in open interest (investors piling up on Bitcoin), could further fuel price increases.
The next big target for Bitcoin is breaking above the July high of $70,162. If it can maintain this momentum, we could see Bitcoin hitting new all-time highs in October.
