Bitcoin's recent price surge has been driven by a combination of technical patterns and macroeconomic influences. The cryptocurrency's impressive streak of fourteen consecutive green hourly candles, a rare occurrence since 2017, has captured traders' attention and fueled optimism for further gains. This pattern, observed from January 9 at 9 PM GMT to January 10 at 11 AM, saw Bitcoin's price rise significantly, indicating strong buying momentum. Additionally, the People's Bank of China's decision to halt bond purchases to support the yuan has been perceived as a potential tailwind for Bitcoin, as investors might seek refuge in cryptocurrencies amid currency fluctuations. This macroeconomic backdrop, coupled with Bitcoin's technical performance, has created a favorable environment for the cryptocurrency.
The ProShares Short Bitcoin Strategy ETF (BITI) experienced a decline, dropping 0.97% to $23.49 as of 7:00 AM on Friday, January 10.