Bitcoin Price Surge May Signal Bull Run

A weekly momentum divergence formed on the Bitcoin chart ahead of last week's advance. The daily reading has since made a move last seen in January 2023.

The US Treasury announced it would at least double the maximum size of its long-end liquidity support buyback operations, from $2 billion to at least $4 billion per operation. Long-dated yields fell and the SEC had published its Regulation Crypto Assets proposal.

A bullish divergence on a weekly chart can indicate selling pressure draining away while price is still technically falling. The last one looked like this in 2022, into the bear market low.