Bitcoin suddenly surpassed $61,000 as the hourly candle of $170 is cheering for BTC bulls

Bitcoin (Bitcoin) On October 28th, there was a classic surge again, as the bulls enjoyed the hourly candle of $1,700.

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

Bitcoin suddenly gave up short

Data from Cointelegraph Markets Pro with Transaction view After a sideways consolidation earlier on Wednesday, BTC/USD has rebounded to above $60,000.

This move means that the currency pair has a strong suspicion of recent bearish behavior, almost invalidating the expected head and shoulders pattern.

As Cointelegraph Report, Analysts have been indifferent to Bitcoin’s retracement, and some have even raised their price targets for a longer period of time.

At the time of writing, BTC/USD hovered around $61,000 and reached a local high of $61,250 on Bitstamp. The financing interest rate is still very low, indicating that the leverage has been successfully “washed out” in recent days.

Dogs dominate altcoins

Altcoins have risen simultaneously with Bitcoin, and the top 10 cryptocurrencies by market capitalization have risen by several percentage points.

related: In August last year, someone bought SHIB worth $3,400.Now worth $1.55 billion

The market is still Dominant However, Shiba Inu (SHIB)’s altcoin rose 43% that day and 150% in a week.

The focus then turned to Dogecoin (dog), as SHIB/USD broke away from historical highs, this formed an imitation.

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