Bitcoin's recent price surge has been driven by a rare technical pattern and positive market sentiment. The cryptocurrency has experienced fourteen consecutive green hourly candles, a streak not seen since 2017, which has sparked optimism among traders. This bullish momentum is further supported by easing selling pressure and a favorable outlook on global M2 money supply, which is anticipated to expand. Analysts like Vetle Lunde and Raoul Pal have highlighted these factors as potential catalysts for Bitcoin's continued rise, drawing parallels to previous bullish cycles.
The Proshares Ultrashort Bitcoin ETF (SBIT) has reacted to Bitcoin's upward movement, declining 2.19% to $11.16 as of 8:00 AM on Friday, January 10.