Bitcoin is now trading above $65,000 for the first time in two months, overcoming the $63,000 resistance level. This 23% increase from a September low of $53,400 has made many holders profitable.
Santiment attributes this price rise to increased activity from whales and sharks. These large holders have been steadily accumulating Bitcoin over the past six months, adding $4.08 billion worth of BTC and bringing their collective holdings to 16.19 million.
This accumulation trend intensified after the Fed's interest rate cut in mid-September, reflecting renewed confidence among Bitcoin investors. Institutional investors have also resumed investments, contributing $365.7 million in net inflows over the past 24 hours.
Bitcoin's open interest has increased to $35.90 billion, up 3.53% across multiple exchanges. This increased interest from traders could further propel Bitcoin's price upward.
The next target for Bitcoin's price is to break the July high of $70,162, potentially opening the door to new all-time highs in October.
