Bitcoin's recent price surge has been driven by a rare technical pattern and shifting market sentiment. The cryptocurrency has experienced fourteen consecutive green hourly candles, a streak not seen since 2017, capturing the attention of traders and analysts alike. This upward momentum is further bolstered by broader economic factors, including the anticipated policy shift with the incoming SEC Chair Paul Atkins, who is expected to be more favorable towards the crypto industry. The outgoing SEC Chair Gary Gensler's critical comments have not dampened the market's optimism, as investors anticipate a more supportive regulatory environment. Additionally, the easing of selling pressure and predictions of a rebound linked to an increase in global M2 money supply have contributed to Bitcoin's bullish sentiment.
The Proshares Ultrashort Bitcoin ETF (SBIT) saw a modest increase, rising 0.35% to $11.45 at 9:00 AM on Friday, January 10.