Bitcoin (
$110,171.00 ) (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 ( $110,171.00 ) 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 ( $110,171.00 ) ’s retracement, with some even increasing their price targets over longer timeframes.
#BTC
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 ( $110,171.00 ) , 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 (
$0.223 ) (DOGE), which put in a copycat move as SHIB/USD came off record highs.
DOGE/USD 1-hour candle chart (Bittrex). Source: TradingView
$0.00 ) 
