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

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Bitcoin (BTC) delivered one other traditional surge throughout Oct. 28 as bulls loved a $1,700 hourly candle.

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

Bitcoin out of the blue abandons the bears

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD breaking again above $60,000 after monitoring sideways since early Wednesday.

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The transfer meant that the pair forged agency doubt on latest bearish conduct, all however invalidating a head-and-shoulders sample in keeping with expectations.

As Cointelegraph reported, analysts have been already unfazed by Bitcoin’s retracement, with some even growing their worth targets over longer timeframes.

On the time of writing, BTC/USD circled $61,000, having reached native highs of $61,250 on Bitstamp. Funding charges remained low, pointing to the profitable “flushing” of leverage in latest days.

Canine dominate altcoins

Altcoins moved upward in keeping with Bitcoin, with the highest 10 cryptocurrencies by market capitalization seeing good points of a number of share factors.

Associated: Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

The market was nonetheless dominated by Shiba Inu (SHIB), nonetheless, with the altcoin advancing 43% on the day and 150% in per week.

The highlight subsequently switched to Dogecoin (DOGE), which put in a copycat transfer as SHIB/USD got here off report highs. 

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