Bitcoin was higher, climbing back above $16,000 on Monday after dipping below the mark over the weekend.
“Should we trade back above $16,490, then we expect to see the bulls take the market by the horns and drive prices to a $17,000 handle,” Matt Blom, head of sales and trading at the cryptocurrency financial firm Diginex, told clients in an email. “If we remain capped by $16,490. then we look for another period of consolidation.”
In traditional markets, European and Asian shares rose and U.S. futures pointed to a higher open as a coronavirus vaccine from Moderna was shown to be 95% effective in a preliminary analysis. Gold strengthened 0.2% to $1,892 an ounce.
Progress in developing a vaccine may not come soon enough to avoid a third wave of the coronavirus that dents consumer spirits during the crucial holiday shopping season – along with confidence in an economic recovery.