Bitcoin suddenly nears $61K as a $1.7K hourly candle fuels BTC bulls

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.

At the time of writing, BTC/USD circled $60,700, having reached local highs of $60,850 on Bitstamp. Funding rates remained low, pointing to the successful «flushing» of leverage in recent days.

Dogs dominate altcoins

Altcoins moved upwards in step with Bitcoin, with the top ten cryptocurrencies by market cap 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, 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