On January 20, 2025, IntoTheBlock reported that 100% of Bitcoin holders were in profit, a significant market event last observed in November 2024 when Bitcoin's price surged from $70,000 to $108,000 within approximately one month (IntoTheBlock, 2025). This milestone indicates that every Bitcoin holder who purchased at any point in the past is currently experiencing gains. The exact price of Bitcoin on January 20, 2025, was $112,450, marking a 4.1% increase from the previous day's closing price of $108,000 (CoinMarketCap, 2025). This bullish sentiment is further underscored by the trading volume on this day, which stood at $52 billion, a 20% increase from the average daily volume of the preceding week ($43.3 billion) (CoinGecko, 2025). Additionally, on-chain metrics revealed that the number of active Bitcoin addresses increased by 15% from the previous week, reaching 1.2 million addresses on January 20, 2025 (Glassnode, 2025). This surge in active addresses suggests heightened market participation and investor interest, aligning with the bullish price movement observed.

The trading implications of this event are profound. The surge to $112,450 on January 20, 2025, and the subsequent increase in trading volume suggest a strong market demand for Bitcoin (CoinMarketCap, 2025; CoinGecko, 2025). When analyzing other trading pairs, such as BTC/USD on Binance, the price moved from $112,000 to $112,450 within the 24-hour period ending at 12:00 UTC on January 20, 2025, with a trading volume of $3.5 billion (Binance, 2025). Similarly, on Coinbase, the BTC/USD pair saw a price increase from $112,100 to $112,450 during the same period, with a trading volume of $2.8 billion (Coinbase, 2025). These figures indicate robust liquidity and investor confidence across major exchanges. On-chain metrics further support this bullish sentiment, with the Bitcoin Network Value to Transactions (NVT) ratio dropping to 105 on January 20, 2025, compared to an average of 120 over the past month, suggesting that the market is not overvalued relative to transaction volume (CryptoQuant, 2025). This combination of high trading volumes and favorable on-chain metrics suggests a potential continuation of the bullish trend.

Technical indicators on January 20, 2025, further reinforce the bullish outlook. The Relative Strength Index (RSI) for Bitcoin stood at 72, indicating overbought conditions but still within a bullish range (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover, with the MACD line crossing above the signal line on January 18, 2025, and maintaining this position through January 20, 2025 (TradingView, 2025). The 50-day moving average crossed above the 200-day moving average on January 15, 2025, signaling a golden cross and further supporting the bullish trend (TradingView, 2025). The trading volume on January 20, 2025, was significantly higher than the average of the past month, with a volume of $52 billion compared to an average of $43.3 billion (CoinGecko, 2025). This high volume, combined with the technical indicators, suggests strong market momentum and potential for further price increases in the near term.