Bitcoin's recent price surge has been driven by a rare technical pattern and positive market sentiment. The cryptocurrency has experienced fourteen consecutive green hourly candles, a streak not seen since 2017, which has sparked optimism among traders. This bullish momentum is further supported by easing selling pressure and expectations of an expanding global M2 money supply. Analysts like Raoul Pal have drawn parallels to the 2016-17 period, suggesting that Bitcoin could benefit from increased liquidity. Additionally, negative funding rates have been observed, often indicating local bottoms and potential buying opportunities.
The 2x Bitcoin Strategy ETF (BITX) has responded to these developments, rising 2.18% to $52.90 as of 8:00 AM on Friday, January 10.