Bitcoin advanced, rising beyond the $30,000 level after languishing at the weekend.
The largest cryptocurrency gained as much as 5.1% on Monday to $31,442. Other cryptocurrencies also rose, with Ether advancing up to 5.2% and Polygon adding as much as 8.6%.
“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.”