Bitcoin and other cryptocurrencies were rising on 9 August but continue to exhibit stagnant price action over a longer term as analysts and market participants increasingly wonder whether it is a rut — or a more permanent pattern.

The price of bitcoin has advanced more than 2% over the past 24 hours to $29,800, though the largest digital asset remained below the key $30,000 level that had provided it with support for months before a slide lower in late July.