Home Industry Finance Bitcoin heads higher in attempt to escape $30,000 level Bitcoin and the rest of the cryptocurrency complex has struggled in recent months as the Federal Reserve hikes interest rates by Bloomberg June 6, 2022 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. Tags Bitcoin cryptocurrency Ether Federal Reserve Interest Rates 0 Comments You might also like Here’s how GCC central banks are reacting to the US Fed’s rate cut UAE slashes interest rates by 0.5% after US Fed decision Egypt’s central bank leaves overnight interest rates steady Bitcoin ETFs take $50bn baby steps toward big-time