Bitcoin's recent price movement has been driven by a rare technical pattern and shifting market sentiment. The cryptocurrency has experienced an unusual streak of fourteen consecutive green hourly candles, a phenomenon that has not been observed since 2017. This consistent upward momentum has intrigued traders and contributed to a bullish sentiment in the market. Additionally, the anticipated policy shift under the incoming SEC Chair Paul Atkins, who is expected to be more crypto-friendly, has added to the optimism. Broader economic factors, such as the easing of selling pressure and predictions of a rebound linked to an increase in global M2 money supply, have also influenced Bitcoin's price dynamics.
The ProShares Bitcoin Strategy ETF (BITO) experienced a slight decline, dropping 0.22% to $22.79 at 9:00 AM on Friday, January 10.