On January 10, 2025, OnchainDataNerd highlighted a notable shift in the cryptocurrency market that traders should be aware of. The data revealed that Bitcoin (BTC) experienced a price increase of 3.5% within 24 hours, reaching $42,000 at 14:30 UTC. This shift was accompanied by substantial trading volumes, with BTC's 24-hour trading volume reaching $38 billion, a 22% rise compared to the previous day. The source indicates that Ethereum (ETH) also followed suit, increasing by 4.2% to $3,100 with a trading volume of $19 billion.

The implications for traders are significant. OnchainDataNerd’s analysis shows that this price movement corresponds with increased on-chain activity and higher wallet transactions. Notably, BTC's network saw a 15% uptick in transaction counts, suggesting heightened investor interest. For ETH, the surge in decentralized finance (DeFi) transactions contributed to the volume spike, with a 10% increase in DeFi activity observed. These metrics suggest a potential continuation of bullish momentum if the volume sustains, according to the source.

Technical indicators corroborate these findings. BTC's Relative Strength Index (RSI) climbed to 68, nearing the overbought threshold, indicating strong buying pressure. Meanwhile, ETH's Moving Average Convergence Divergence (MACD) showed a bullish crossover at 13:00 UTC, further supporting the positive outlook. Additionally, BTC's market depth improved, with buy orders outweighing sell orders by a margin of 1.5 to 1, pointing to sustained demand. Traders are advised to monitor these indicators closely as they could provide early signals of potential reversals or continued trends, the source suggests.