Bitcoin's recent price surge has been driven by a combination of technical patterns and macroeconomic factors. 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. This move, aimed at addressing the yuan's depreciation, could lead to capital flight into alternative assets like Bitcoin, further bolstering its bullish momentum.
The Proshares Ultra Bitcoin ETF (BITU) has responded positively to these developments, climbing 2.39% to $50.56 as of 7:00 AM on Friday, January 10.