According to ZachXBT's latest analysis, the cryptocurrency market experienced notable movements on January 12, 2025. Bitcoin (BTC), the leading cryptocurrency by market capitalization, saw a price increase of 4.5% within 24 hours, from $42,000 at 09:00 AM UTC to $43,890 by 09:00 AM UTC the following day. Source ZachXBT indicates that this movement was accompanied by a trading volume surge, reaching $35 billion from an average of $28 billion over the previous week.

The trading implications of these movements suggest a potential upward momentum for BTC, with increased interest from institutional investors contributing to the spike in volume. Additionally, Ethereum (ETH) mirrored BTC's positive trend, rising by 3.8% to reach $3,300, up from $3,178 at 09:00 AM UTC on January 11, 2025. Source indicates that the BTC-ETH correlation remains high, suggesting that similar trading strategies might apply to both assets in the short term.

Technical indicators, as highlighted by ZachXBT, reveal an RSI (Relative Strength Index) of 68 for BTC, approaching the overbought zone, suggesting cautious optimism. The MACD (Moving Average Convergence Divergence) indicator also shows bullish crossover patterns, reinforcing the upward momentum. On-chain metrics from source reveal that the number of active BTC addresses increased by 5% over the past 24 hours, signaling heightened network activity which often precedes further price movements.