Bitcoin has traded within an ascending channel for a week, marking its longest bullish streak since early January and suggesting improving market sentiment. As of the latest data, it traded at $73,862, up 2.83% daily, and has begun to outperform major equity indices on a risk-adjusted basis for the first time in months, signaling a potential trend reversal in its comparative performance.
Bitcoin has posted its longest bullish streak since early January after rebounding from $65,000 a week ago. This sustained upside movement indicates a potential trend reversal based on its performance relative to equities across the past seven days.
According to a report cited by CryptosRus on X, Bitcoin started to outperform equities on a risk-adjusted basis over the past week. The market is now perceived to have moved past peak pessimism after months of geopolitical and macroeconomic pressures.
Comparative Rolling Performance data shows Bitcoin recovering from -26% to -15% over the past week. Conversely, the S&P 500 dropped from -0.7% to -2.7%, and the Nasdaq fell to -2.7% over the same period.
Bitcoin’s realized volatility has also outperformed that of all major tech stocks, showing increased upside volatility while tech stocks remained stable. Among major assets, only Gold and Silver have outperformed Bitcoin recently.
Bitcoin’s Future Grand Trend flashed bullish for the first time in nearly two months. This momentum indicator points toward a potential move to $75,823 before another pullback.
However, the Momentum Bias Index shows mixed momentum with buyers and sellers battling for control. This suggests Bitcoin may continue trading sideways until one side clearly dominates the market.
