The price of Bitcoin increased by 11% in the eight days following Jan. 23 after bouncing off the $38,500 support.
The movement surprised many investors, including Arthur Hayes, co-founder of the BitMEX exchange. Hayes anticipated that the increased risks of inflation growth in the U.S. and geopolitical instability would drive down risk assets, including Bitcoin.
In fact, ahead of the rise to $43,000 on Jan. 30, many traders expected a breakout in volatility that would push the price downward.
