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 occurred since 2017. This consistent upward momentum has intrigued traders and contributed to a bullish sentiment. Additionally, the market is reacting to broader economic factors, including the anticipated policy shift under the incoming SEC Chair Paul Atkins, who is expected to adopt a more crypto-friendly approach. This has added to the market's optimism, alongside easing selling pressure and predictions of a rebound linked to an increase in global M2 money supply.
The 2x Bitcoin Strategy ETF (BITX) experienced a slight decline, dropping 0.6% to $51.46 at 9:00 AM on Friday, January 10.