Bitcoin rises for five consecutive trading days…"Phase of improving investor sentiment"

Bitcoin (BTC) is being suggested to have the possibility of recording its longest consecutive upward trend in three months. With year-end loss-confirming sell-offs having subsided and selling pressure easing, and with geopolitical tensions affecting investor sentiment, this is the assessment.

On the 5th, according to cryptocurrency-focused media CoinDesk, Bitcoin rose more than 1% during Asian trading hours that day, increasing the likelihood of a fifth consecutive trading-day gain. This is the longest consecutive rise since early October last year.

That day, Bitcoin rose from around $91,480 to around $92,500, and at one point during the session exceeded $93,000. During the same period, major cryptocurrencies such as XRP, Solana (SOL), and Ethereum (ETH) also posted gains in the 0.7~1% range. The CoinDesk 20·80 indices, which reflect the broader market, also rose more than 1%.

The market cites the easing of supply-demand burdens as year-end tax-reduction selling was absorbed as the background for the rise. Markus Thielen, founder of 10x Research, told CoinDesk in a message, "Both Bitcoin and Ethereum are gradually shifting into a bullish phase," adding, "As volumes that were sold to reduce taxes at year-end have been cleared, the mood has shifted back to buying at the start of the year."

Geopolitical factors are also supporting prices. After news that the U.S. had detained Venezuelan President Nicolás Maduro, risk-off sentiment expanded across global financial markets, leading to analysis that cryptocurrencies, along with gold and silver, are being noted as alternative safe havens. Bitget's senior analyst Ryan Li said, "The simultaneous rise across several asset classes after the Venezuela situation is a typical shift toward safe-haven preference."

Technically, the short-term trendline is cited as an important variable. Thielen said, "As long as Bitcoin remains above the 21-day exponential moving average, the short-term direction is open to the upside." In fact, inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) have recently shown signs of recovery. According to data provider SosoValue, on the 3rd, spot Bitcoin ETFs saw net inflows of $471,000,000 in a single day, the largest since November last year.