Bitcoin and Ethereum rose for a third day, continuing to pull away from the 18-month lows endured at the end of last week, mirroring a rebound in wider global markets.
The largest coin by market value rose 5.2% to US$21,098 in early trade, while Ethereum was up 7.2% at US$1,157.
"Traders have started to believe that the 20K support level was what HODLers (hold on for dear life) have been waiting for as the price is respecting this price level," Naeem Aslam, Avatrade chief market analyst, said. "The reality is that the BTC bears are only gathering their momentum after pushing the price lower by more than 70% from its all-time high (ATH) and there could be another 10% more on the cards before we actually see the price reaching a real bottom.
"In simple terms, we are still not there, and the BTC price is likely to move a bit more, and a real bottom is likely to be near the 15 to 13K price level as the crypto winter has still too many winter nights left."