Bitcoin's recent price dynamics have been shaped by a rare technical pattern and shifting market sentiment. The cryptocurrency has experienced a streak of fourteen consecutive green hourly candles, a phenomenon that has not occurred since 2017, capturing the attention of traders and analysts alike. This consistent upward momentum has bolstered Bitcoin's bullish sentiment, further fueled by broader economic factors. The anticipated policy shift with the incoming SEC Chair Paul Atkins, expected to be more crypto-friendly, has added to the optimism. Additionally, easing selling pressure and predictions of a rebound linked to an increase in global M2 money supply have contributed to Bitcoin's positive price movement.
Despite Bitcoin's upward trajectory, the Proshares Ultra Bitcoin ETF (BITU) has seen a slight decline, dropping 0.63% to $49.07 as of 9:00 AM on Friday, January 10.