Bitcoin Suddenly Surpasses $ 61,000 As $ 1.7,000 Hourly Candle Fuels BTC Bulls

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Bitcoin (BTC) delivered another classic surge on October 28 as the bulls profit from an hourly candle of $ 1,700.

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

Bitcoin suddenly gives up on bears

Data from TBEN Markets Pro and TradingView showed that BTC / USD has returned above $ 60,000 after going sideways since Wednesday morning.

The move meant the pair cast doubt on the recent bearish behavior, almost invalidating a head and shoulders setup as expected.

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As TBEN reported, analysts weren’t already fazed by Bitcoin’s retracement, with some even increasing their price targets over longer time frames.

At the time of writing, BTC / USD was around $ 61,000, having hit local highs of $ 61,250 on Bitstamp. Funding rates have remained low, indicating the success of the leverage “flush” in recent days.

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Dogs rule altcoins

Altcoins have grown at the same rate as Bitcoin, with the top ten cryptocurrencies by market cap recording gains of several percentage points.

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The market was still dominated by Shiba Inu (SHIB), however, with altcoin rising 43% on the day and 150% within a week.

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The spotlight then turned to Dogecoin (DOGE), which set up an imitation move as SHIB / USD hit record highs.

1 hour DOGE / USD candle chart (Bittrex). Source: TradingView