Bitcoin has been trading south of $60,000 for the last several hours, after dropping to almost $58,000 this morning. The original cryptocurrency, which is the world’s most valuable in terms of market capitalization, declined to $58,151.72 around 4 a.m. EST today. However, it quickly made a modest recovery, coming close to $59,000 within an hour. Since then, bitcoin’s price has been stuck moving in a range between $58,000 and $60,000.
The crypto market remains optimistic about bitcoin.
According to the Forbes report, one market observer described the recent decline in bitcoin’s price as being perfectly normal. “Bitcoin has had a huge run-up during October to all-time highs and has now pulled back in what appears to be a healthy bullish correction,” said Jon Pearlstone, publisher of the newsletter CryptoPatterns. He further emphasized that “since Bitcoin spent so little time at the $65,000 level, prices between $52,500 and $62,000 should be considered a bullish consolidation of rangebound trading.” Since the cryptocurrency fell below $60,000, “buyers have been doing all they can to push the price back up,” said Petr Kozyakov, co-founder and CEO of the global payment network Mercuryo.
Shiba Inu coin surged over 70% over the last 24 hours.
On the other hand, the Shiba Inu coin, which has been on a record rally since the past few sessions, surged over 70% over the last 24 hours to $0.00008241, as per CoinGecko. It is currently the 9th-biggest crypto with a market value of around $40 billion. Trading in Shiba Inu has been volatile on its way up. The crypto slumped earlier this week after Elon Musk tweeted that he didn’t own the coin. However, th growing clamor for Robinhood Markets to add the Shiba Inu coin to its platform is helping boost the cryptocurrency to record highs.