Bitcoin (BTC-USD) has languished in the $16,000 (£13,415) trading range for almost three weeks, but Monday saw a break-out for the world's biggest cryptocurrency, which spiked to $17,200 (£14,140).
The entire cryptocurrency market capitalisation increased by 3% in the past 24 hours, according to Coingecko.
Check: Crypto live prices
Of the top 10 blue-chip cryptocurrencies, Cardano (ADA-USD) performed strongest and saw a hike of almost 17% in the last 24 hours, to $0.32 at the time of writing.
The second most valuable cryptocurrency, ethereum (ETH-USD), also saw a reversal of the subdued crypto-price action over the Christmas period, up 4.26% to $1,317.
Since mid-December, bitcoin had been locked in a trading range below $17,000.
However, Monday's breakthrough has caused analysts to speculate that bitcoin has formed a market bottom.
According to Coinbase Institutional's report author David Duong, the market outlook for bitcoin suggests that a successful push past the $17,100 mark might put the digital asset on track toward the next technical level around $17,800.
Read more: FTX bankruptcy sees 80,000 UK crypto investors lose funds
Blockchain data from FundStrat suggests buyers are now eager to scoop up bitcoin in the current price range, according to Coindesk.
FundStrat's Sean Farrell said that investors currently have an "appetite to buy BTC at the very specific level of $16,00-$17,200".
"This paints an incredible picture of a strong buy wall at current market prices and suggests a strong bottom is forming," he said in a report.
Developments in the coming weeks may affect the price of bitcoin.
Investors will be looking at the upcoming payout from the Mt Gox crypto-exchange rehabilitation plan settlement.
Traders will also be monitoring an upcoming report on US inflation.
The Federal Reserve's monetary tightening polices have been a big driver in pushing bitcoin's price down by 64% in the last year.
2022 was the worst annual performance for bitcoin in the past four years.
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