Bitcoin heads higher in attempt to escape $30,000 level

Bitcoin advanced, rising beyond the $30,000 level after languishing at the weekend.

The largest cryptocurrency gained 2.1 per cent to $30,559 as of 9.29am in Singapore on Monday. Other cryptocurrencies also rose, with Ether rising 2.4 per cent and Polygon advancing 3.4 per cent.

“Bitcoin has stabilised 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 has 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.

Bitcoin has been stuck around the $30,000 level for weeks now, defying predictions of a potential further decline but also struggling to gain upward momentum.