Bitcoin (BTC) delivered another classic surge on October 28 as the bulls profit from an hourly candle of $ 1,700.
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.
As TBEN reported, analysts weren’t already fazed by Bitcoin’s retracement, with some even increasing their price targets over longer time frames.
I’ll be back on Friday, but couldn’t resist drawing lines at random ….
It seems I wasn’t optimistic enough at $ 40,000.
Quote: “first target at 73k”.
Well … I think this target has increased to $ 90,000 and after a correction we should see $ 100,000
Very satisfied with the current decrease / reduction pic.twitter.com/yg6GabmfDu
– Crypto_Ed_NL (@Crypto_Ed_NL) October 27, 2021
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.
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.
Related: Someone bought $ 3,400 from SHIB last August. It is now worth $ 1.55 billion
The market was still dominated by Shiba Inu (SHIB), however, with altcoin rising 43% on the day and 150% within a week.
The spotlight then turned to Dogecoin (DOGE), which set up an imitation move as SHIB / USD hit record highs.