Bitcoin's recent price surge has been driven by a rare technical pattern and shifting market sentiment. The cryptocurrency has experienced fourteen consecutive green hourly candles, a streak not seen since 2017, sparking intrigue among traders. This upward momentum is further bolstered by broader economic factors, including the anticipated policy shift with the incoming SEC Chair Paul Atkins, who is expected to be more crypto-friendly than his predecessor. Additionally, the easing of selling pressure and predictions of a rebound due to an increase in global M2 money supply have contributed to Bitcoin's bullish sentiment.
The ProShares Short Bitcoin Strategy ETF (BITI) saw a slight increase, rising 0.3% to $23.79 as of 9:00 AM on Friday, January 10.