The recent rise in Bitcoin (BTC) price can be attributed to several factors:

1. Approval of Spot Bitcoin ETFs: In mid-January, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs). This was seen as a positive sign for the cryptocurrency market, attracting new investors and boosting investor confidence.

2. Upcoming Halving Event: Later in 2024, Bitcoin is expected to undergo its fourth halving event. This is a pre-programmed feature where the reward for mining Bitcoin is cut in half, which historically has led to price increases due to a decrease in supply.

3. Positive Market Sentiment: There's an overall positive sentiment towards Bitcoin in the market, with both retail and institutional investors showing increased interest. This positive sentiment can be self-fulfilling, as more investors buying in drives the price up further.

4. Other Contributing Factors: While the above factors are the main drivers, other factors like consistent inflows into spot Bitcoin ETFs and broader economic conditions might also be playing a role.