Market analysts say Monday's price gains accelerated amid a short squeeze.
Upside momentum is improving after several months of consolidation.
Bitcoin sellers are expected to cover positions, which could lead to higher prices next week.
Bitcoin is holding onto gains above $30K.
Bitcoin is holding up following a strong bounce from $30,000 support.
Bitcoin buyers should remain active above $30K support.
Bitcoin and other cryptos rallied as Musk boosted bullish sentiment during The B Word conference.
Bitcoin buyers respond to oversold conditions.
"Bitcoin is still just chopping around," one analyst said.
Bitcoin broke below $30K. Some analysts see value opportunities while others expect further downside.
If $30,000 is broken, the next level of support is seen around $27,000.
Also, Circle might be an attractive "starter stock for the cautious" when it goes public, according to one analyst.
Policymakers should not be concerned, the researchers wrote: Only 0.02% of coronavirus-relief checks ended up in bitcoin.
Upside appears to be limited.
“We expect volatility to remain under pressure until mid [to] late August,” said one trading firm.