Bitcoin (BTC), a cryptocurrency, saw another great surge on Oct. 28, when bulls experienced a $1700 hourly candle.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitcoin abandons bears suddenly
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD broke above $60,000 on Wednesday after having been trending sideways since Wednesday morning.
This meant that the pair cast doubt on bearish behavior in recent months, almost invalidating a head and shoulders pattern in line with expectations.
Cointelegraph reported that analysts weren’t worried about Bitcoin’s retracement. Some even increased their price targets for longer periods of time.
#BTC I will be back friday but couldn’t resist drawing some random lines …. It seems that I wasn’t bullish enough about $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
— October 27, 2021, Crypto_Ed_NL (@Crypto_Ed_NL).
BTC/USD was at $61,000 at the time of writing. It had also reached $61,250 on Bitstamp. The successful “flushing” of leverage in recent days has led to low funding rates.
Dogs dominate altcoins
Altcoins moved up in line with Bitcoin. The top 10 cryptocurrencies ranked by market capitalization saw gains of several percentage points.
Similar: A person bought SHIB worth $3,400 last August. It now has a value of $1.55 billion
Although the market was still dominated Shiba Inu, (SHIB), the altcoin advanced 43% and 150% over the course of a week.
Dogecoin, (DOGE) was then in the spotlight. SHIB/USD hit new records and Dogecoin followed suit.
Chart of 1-hour candle chart for DOGE/USD (Bittrex). Source: TradingView