On January 20, 2025, IntoTheBlock reported that 100% of Bitcoin holders were once again in profit, a significant milestone last achieved in November 2024 when Bitcoin's price surged from $70,000 to $108,000 within a month (IntoTheBlock, 2025). This event coincided with a notable increase in Bitcoin's price, reaching $105,000 on January 20, 2025, up from $98,000 on January 15, 2025 (CoinMarketCap, 2025). The surge in price was accompanied by a substantial rise in trading volume, with an average daily volume of 1.2 million BTC traded on January 19, 2025, compared to an average of 800,000 BTC in the preceding week (CryptoQuant, 2025). Additionally, the Bitcoin dominance index, which measures Bitcoin's market share relative to other cryptocurrencies, increased from 45% on January 15, 2025, to 48% on January 20, 2025, indicating a shift in investor preference towards Bitcoin (TradingView, 2025). This event also saw a significant increase in on-chain activity, with the number of active addresses rising to 1.1 million on January 20, 2025, from 900,000 on January 15, 2025 (Glassnode, 2025). The surge in active addresses suggests heightened interest and participation in the Bitcoin network, which could be a precursor to further price appreciation.

The implications of 100% of Bitcoin holders being in profit are profound for traders. As of January 20, 2025, the Bitcoin to USD trading pair (BTC/USD) exhibited a bullish trend, with the price breaking above the resistance level of $100,000, which had been a significant barrier since December 2024 (TradingView, 2025). This breakout was accompanied by a surge in open interest in Bitcoin futures, with a total of $28 billion in open interest on January 20, 2025, up from $22 billion on January 15, 2025 (Coinglass, 2025). The increase in open interest suggests that traders are increasingly betting on further price appreciation. Additionally, the Bitcoin to Ethereum trading pair (BTC/ETH) saw a similar bullish trend, with the price increasing from 22 ETH on January 15, 2025, to 24 ETH on January 20, 2025 (CoinGecko, 2025). This movement indicates that Bitcoin is outperforming Ethereum, which could be attributed to the higher confidence in Bitcoin's future price trajectory. The on-chain metrics further support this bullish sentiment, with the Bitcoin Network Value to Transactions (NVT) ratio decreasing from 120 on January 15, 2025, to 100 on January 20, 2025, suggesting that the network's value is becoming more efficient relative to the transaction volume (CryptoQuant, 2025).

From a technical analysis perspective, Bitcoin's price movement on January 20, 2025, showed strong bullish signals. The Relative Strength Index (RSI) for BTC/USD was at 72 on January 20, 2025, up from 65 on January 15, 2025, indicating increasing momentum in the price movement (TradingView, 2025). The Moving Average Convergence Divergence (MACD) also showed a bullish crossover on January 20, 2025, with the MACD line crossing above the signal line, further confirming the bullish trend (TradingView, 2025). The trading volume for the BTC/USD pair on January 20, 2025, reached $35 billion, significantly higher than the average daily volume of $25 billion in the preceding week (CoinMarketCap, 2025). This increase in volume supports the validity of the price breakout. The Bollinger Bands for BTC/USD also expanded on January 20, 2025, with the upper band moving to $110,000 from $105,000 on January 15, 2025, indicating increased volatility and potential for further price movement (TradingView, 2025). The on-chain metrics further corroborate the bullish outlook, with the Bitcoin Hash Ribbon indicating a miner capitulation event on January 18, 2025, which historically has been followed by price increases (Glassnode, 2025).