Bitcoin suddenly tops $ 61,000 as a $ 1.7,000 hourly candle powers the BTC bulls

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Bitcoin (BTC) delivered another classic spike on Oct 28 as the bulls enjoyed a $ 1,700 an hour candle.

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

Bitcoin is suddenly leaving the bears

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD broke back above $ 60,000 after moving sideways since early Wednesday.

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The move meant the couple cast strong doubts about the recent retrograde behavior, virtually invalidating a head-and-shoulders pattern in line with expectations.

As Cointelegraph reported, analysts were already unimpressed by Bitcoin’s retracement, with some even increasing their price targets over longer periods of time.

At the time of writing, BTC / USD was circling around $ 61,000 after hitting local highs of $ 61,250 on Bitstamp. Funding rates remained low, which points to the successful “flushing” of debt over the past few days.

Dogs dominate altcoins

Altcoins rose in lockstep with Bitcoin, with the top 10 cryptocurrencies by market capitalization seeing gains of several percentage points.

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

However, the market was still dominated by Shiba Inu (SHIB), with the altcoin gaining 43% in the day and 150% in a week.

The limelight then switched to Dogecoin (DOGE), which sparked a copycat movement when SHIB / USD left record highs.

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