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Bitcoin hits new 6-week high as Ethereum liquidates $240M more shorts

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Bitcoin (BTC) attempted to retake $21,000 on Oct. 29 as weekend trading began on a strong footing.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Dollar lurks as BTC price rebounds

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rebounded overnight to local highs of $21,078 on Bitstamp — enough to clinch new six-week highs.

The pair had seen a consolidatory phase ensue after its first trip to the $21,000 mark, the first time it had traded above $21,000 since Sep. 13.

The subsequent retracement was modest in character, Bitcoin not even testing $20,000 before reversing higher once more.

The end of the Wall Street trading week saw BTC price action follow United States equities, the S&P 500 and Nasdaq Composite Index finishing Oct. 28 up 2.5% and 2.9%, respectively.

In his most recent Twitter update, popular trader and analyst Il Capo of Crypto maintained an existing theory over how short-term price action would unfold.

“Same same,” he summarized alongside a chart showing potential upside and downside target levels.

BTC/USD annotated chart….

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