Bitcoin Rebounds to $61K

Bitcoin (BTC) had another classic rise on Oct. 28 as bulls took advantage of a $1,700 hourly candlestick price. Data from Coingecko revealed that Bitcoin/USD has risen over $60,000 for the first time since early Wednesday, after a period of rangebound movement. Consequently, the pair placed serious doubt on previous bearish conduct, thereby invalidating a head-and-shoulders pattern that had been anticipated.

Interestingly, experts were unconcerned with Bitcoin’s retreat at the time of writing, with some even raising their price expectations for the cryptocurrency over longer periods. At the time of writing, the Bitcoin/USD exchange rate was hovering around $61,000, having touched local highs of $61,250 on Bitstamp earlier in the day.

Financing rates have remained low, indicating that the successful “flushing” of leverage has taken place in recent weeks. Altcoins rose in tandem with Bitcoin, with the top ten cryptocurrencies in terms of market capitalization enjoying increases of several percentage points in the last 24 hours.

The Shiba Inu (SHIB) cryptocurrency, on the other hand, continued to dominate the market, gaining 43 percent on the day and 150 percent in a week. Following that, the emphasis was focused on Dogecoin (DOGE), which made a copycat move when the SHIB/USD exchange rate fell from record highs.