Bitcoin (BTC) delivered another classic surge during Oct. 28 as bulls enjoyed a $1,700 hourly candle.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin suddenly abandons the bears
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD breaking back above $60,000 after tracking sideways since early Wednesday.
The move meant that the pair cast firm doubt on recent bearish behavior, all but invalidating a head-and-shoulders pattern in line with expectations.
As Cointelegraph reported, analysts were already unfazed by Bitcoin’s retracement, with some even increasing their price targets over longer timeframes.
I’ll be back on friday, but couldn’t resist to draw some random lines….
Seems I was not bullish enough at $40k.
Quote: “first target at 73k”.
Well….I think that target moved up to $90k and after a correction we should see $100k
Very happy with current drop/discount pic.twitter.com/yg6GabmfDu
— Crypto_Ed_NL (@Crypto_Ed_NL) October 27, 2021
At the time of writing, BTC/USD circled $61,000, having reached local highs of $61,250 on Bitstamp. Funding rates remained low, pointing to the successful “flushing” of leverage in recent days.
Dogs dominate altcoins
Altcoins moved upward in step with Bitcoin, with the top 10 cryptocurrencies by market capitalization seeing gains of several percentage points.
Related: Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion
The market was still dominated by Shiba Inu (SHIB), however, with the altcoin advancing 43% on the day and 150% in a week.
The spotlight subsequently switched to Dogecoin (DOGE), which put in a copycat move as SHIB/USD came off record highs.
DOGE/USD 1-hour candle chart (Bittrex). Source: TradingView