Recent geopolitical developments and market dynamics have played a significant role in Bitcoin's price movement today. President Donald Trump's decision to temporarily halt proposed tariff hikes has alleviated some market fears, allowing Bitcoin to stabilize after a recent downturn. This stabilization is further supported by substantial institutional investments into Bitcoin ETFs, with BlackRock's iShares Bitcoin Trust seeing notable inflows. Despite these positive signals, analysts remain cautious, pointing to Bitcoin's Relative Strength Index (RSI) as an indicator that the cryptocurrency may not yet be primed for new long positions. El Salvador's continued accumulation of Bitcoin also underscores a long-term bullish sentiment.
The ProShares UltraShort Bitcoin ETF (SBIT) has experienced a price increase, rising 1.49% to $10.22 as of 6:00 AM on Wednesday, February 5.