Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, topped $65,000 after a 3.39% price jump, bringing the broader cryptocurrency market to a valuation of $2.31 trillion.
Ki Young Joo, founder and CEO of CryptoQuant, noted that Bitcoin has finally overcome market uncertainty, including the German government’s sale of its BTC assets and Mt. Gox.
Read also: The German government has completed the liquidation of bitcoins, the wallet balance has reached zero
#Bitcoin won all the FUD this year. The market has absorbed sales of Mt. Gox and German BTC with minimal impact, as the data predicted. https://t.co/ljkzujbhGy
— Ki Young Ju (@ki_young_ju) September 27, 2024
Earlier this year, the German government sold its entire Bitcoin supply of 50,179 BTC, which is approximately $3.3 billion at current prices. This selloff pushed Bitcoin towards the $50,000 level as sellers dominated the market.
Similar concerns arose when Mt. Gox announced its repayment plan. Investors feared a Bitcoin crash when the defunct exchange began distributing its 138,985 BTC. Almost 70% of the distribution is complete, and data from Arkham Intelligence shows that the exchange’s wallet holds $2.95 billion in BTC.
Bitcoin Posts Strong Monthly and Weekly Gains
Bitcoin has jumped 10.74% over the past 30 days and 3.63% over the past week, according to data from CoinMarketCap. The market capitalization of the cryptocurrency is $1.299 trillion with a dominance of 56.3%. The leading digital asset is just 10.59% below its all-time high of $73,750 reached in March this year.
According to the chart above, Bitcoin’s Relative Strength Index (RSI) is 66.39, which indicates that bulls are in control of BTC’s price action. The gradient of the line indicates that Bitcoin is approaching overbought levels.
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