Bitcoin Defies Headwinds, Surpasses $65,000 Mark

• Bitcoin skyrocketed to $65,000 in the past 24 hours and is up 10% in the past week.
• The cryptocurrency has successfully faced the German government BTC sale FUD.
• Bitcoin also rose above the Mt. Gox repayment FUD.

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has surpassed $65,000 after a 3.39% price surge, driving the broader crypto market to a $2.31 trillion valuation.

Ki Young Ju, founder and CEO of CryptoQuant, pointed out that Bitcoin has finally overcome market FUD, including the German government selling its BTC holdings and the Mt. Gox repayments.

Read also: German Government Completes Bitcoin Liquidation, Wallet Balance Hits Zero

#Bitcoin won all FUD this year. The market absorbed Mt. Gox and German BTC selling with minimal impact, as 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 stash of 50,179 BTC, worth approximately $3.3 billion at current prices. This sell-off pushed Bitcoin down to 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 Arkham Intelligence data shows the exchange’s wallet holds $2.95 billion in BTC.

Bitcoin Shows Strong Monthly and Weekly Gains

According to CoinMarketCap data, Bitcoin has jumped 10.74% in the past 30 days and 3.63% in the past week. The cryptocurrency’s market cap is $1.299 trillion, with a dominance of 56.3%. The leading digital asset is only 10.59% below its all-time high of $73,750, reached in March this year.

As per the chart above, the Relative Strength Index (RSI) of Bitcoin stands at 66.39, indicating that bulls control BTC price action. The line’s gradient suggests Bitcoin is approaching overbought levels.

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