Meme Coins Dominate as Bitcoin Reaches New High

The cryptocurrency market is experiencing a rebound, with Bitcoin (BTC) reaching an eight-month high after posting its first weekly close above the 50-week moving average in 45 weeks.

The rally reversed last week's slide, which came after a Federal Reserve rate hike and a failed Senate procedural vote. BTC climbed above $87,000 for the first time since January.

Meme coins have outpaced the majors during the rebound, with Dogwifhat (WIF), Pepe (PEPE), and Dogecoin (DOGE) breaking out of multi-month bullish chart patterns on Monday.

WIF broke out of a nine-month inverse head and shoulders pattern, with volume well above its 20-day average. PEPE completed a matching setup with breakout volume nearly double its 20-day average. DOGE confirmed a double bottom but one daily close would undo the pattern.