Deciphering the main reasons behind Bitcoins [BTC] Price rally in January

• Identical BTC transactions on Jan. 5 may have sparked the current rally.
• BTC is flirting with the $23,000 region as it tries to form a new support line.

Recently, Bitcoin (BTC) price has surged, which has impacted the entire crypto market. The bulls’ momentum started the current run that the coin is now seeing. According to recent reports on tracked trades, there are indications that some bulls may have taken the initiative for the current surge with significant trades.

How much has been transferred and how has BTC fared since the start of the surge so far?

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Whales charge BTC

At the turn of the year, Bitcoin (BTC), previously in a downtrend, unexpectedly saw a rebound that sparked a rally. According to the BTC price chart, the rally started around January 5th and has been rising.

A closer examination of BTC transactions on Jan. 5 could provide more information on what caused the resurgence, according to recent reports from Santiment.

Source: Santiment

According to Santiment’s transaction data, there had been whale movements in the BTC market prior to the surge. However, multiple identical transactions were made, which is a key factor behind the surge.

On Jan. 5, there were two transactions of 15,477.92 BTC each. This may have been a massive fluke, but BTC’s price then started to surge.

BTC flirts with $23,000 and remains bullish

Bitcoin (BTC) orbited the $23,000 area between Jan. 21-24. It has not really been able to break the $22,000 area since it started its rally.

At the time of writing, it was trading at a loss, seemingly continuing the pattern of the previous trading period, bringing the loss to around 1.5%. BTC is attempting to establish a support level near the $22,000 area despite the loss, which was nonetheless minor.

Source: Trade View

Another indication of a market correction is BTC’s position on the RSI. BTC continued its strong uptrend on the Relative Strength Index (RSI). The position of the RSI also showed that it was firmly in the oversold territory. However, should a downturn begin, the long moving average (blue line) could be its support.

How much is 1,10,100 BTC worth today?

Percent offer of profit at 7-month high

The increase in the BTC price has also impacted the percentage profit offer. The Glassnode chart showed that the percentage of BTC supply in profit was over 70%. Taking a closer look at the indicator, the current supply in the profit phase is the highest it has been in more than seven months.

Source: Glassnode

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