Bitcoin's price movement today has been influenced by a combination of technical patterns and macroeconomic factors. The cryptocurrency registered a rare streak of 14 consecutive green hourly candles, a phenomenon not seen since 2017, which has left traders intrigued. This pattern, observed from January 9 at 9 PM GMT to January 10 at 11 AM, saw Bitcoin's price rise from $91,771 to $95,283. Vetle Lunde, a senior analyst at K33 Research, noted the rarity of such a streak, suggesting it could signal strong bullish momentum. Additionally, the U.S. jobs report released today showed stronger-than-expected job growth, which initially sent Bitcoin's price lower due to concerns over potential interest rate hikes.
Despite the initial dip following the jobs report, Bitcoin has managed to recover and climb higher. The cryptocurrency's resilience can be attributed to the underlying demand from institutional investors and the continued interest in Bitcoin as a strategic asset. The recent approval of spot Bitcoin ETFs and their impressive performance over the past year have also contributed to the positive sentiment. Bloomberg ETF analyst James Seyffart highlighted the significant milestones achieved by these ETFs, noting that four of them are now among the top 20 ETF launches of all time.
Bitcoin's price has increased by 2.44% today, reaching a current price of $94,784.66, with a high of $95,750.38 and a low of $92,371.84.