After languishing over the weekend, Bitcoin advanced, breaking through the $30,000 barrier.
As of 9.29 a.m. in Singapore on Monday, the largest cryptocurrency had gained 2.1 percent to $30,559 USD. Other cryptocurrencies gained ground as well, with Ether up 2.4 percent and Polygon up 3.4 percent.
“Bitcoin has stabilized over the past few weeks on improved short-term momentum,” Katie Stockton, co-founder of Fairlead Strategies, wrote in a note Friday. She said a short-term counter-trend buying signal was logged by Tom DeMark’s TD Sequential model, which is employed by technical analysts to spot trends, “increasing the probability of a more pronounced oversold bounce. We assume the 50-day moving average will provide resistance.”
Bitcoin and the rest of the cryptocurrency complex have struggled in recent months as the Federal Reserve hikes interest rates and risky assets like tech stocks have fallen back. The collapse of the Terra/Luna ecosystem further undermined confidence in the space.
For weeks, Bitcoin has been stuck around the $30,000 level, defying predictions of a possible further drop while also struggling to gain upward momentum.
