, which had previously been in a downtrend, unexpectedly experienced a resurgence that sparked a rally. According to the BTC price chart, the rally started around 5 January and has been going up.
A closer examination of BTC transactions on 5 January may reveal more information about what caused the resurgence, according to recent reports fromThere had been whale movement in the BTC market before the surge, according to the transaction data from Santiment. However, several identical transactions were made, which is a key factor in the surge.
There were two transactions on 5 January, each totaling 15,477.92 BTC. That may have been a massive coincidence, but the price of BTC then began to rise. circled the $23,000 area between 21 and 24 January. It is yet to really be able to break through the $22,000 area since it started its rally. It was trading at a loss at the time of this writing, seemingly continuing the previous trading period’s pattern and bringing the loss to about 1.5%. BTC is attempting to create a support level near the $22,000 area despite the loss, which was little nonetheless.Another indication of a market correction is the position of BTC on the RSI. BTC continued strongly trending upward on the Relative Strength Index . The RSI’s position also demonstrated that it was firmly located in the oversold area.
Source: News Formal (newsformal.com)
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