Bitcoin (BTC) delivered another classic rally during October 28 as bulls enjoyed $1,700 per hour.
Suddenly Bitcoin gave up on the bears
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair once again broke above $60,000 after a sideways tracking since early Wednesday.
This movement means that the pair is casting doubt on the recent bearish behavior, and all but the invalidation of the head and shoulders pattern in line with expectations.
As Cointelegraph reported, analysts were already unfazed by the Bitcoin bounce, and some even raised their price targets on longer time frames.
#BTC
I’ll be back on Friday, but I can’t resist drawing some random lines….
Looks like I wasn’t optimistic enough at $40K.
Quote: “First target at 73K”.
Well… I think the target has risen to $90K and after correction we should see $100K
Very happy with the current drop/discount pic.twitter.com/yg6GabmfDu– Crypto_Ed_NL (Crypto_Ed_NL) October 27, 2021
At the time of writing, BTC/USD is hovering around $61,000, after hitting a local high of $61,250 on Bitstamp. Funding rates have remained low, indicating a successful “influx” of leverage in recent days.
Dogs dominate altcoins
Altcoins moved higher with Bitcoin, 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 is now worth $1.55 billion
Shiba Inu (SHIB) continues to dominate the market, with the altcoin up 43% on the day and 150% on the week.
The spotlight later turned to Dogecoin (DOGE), which set up a copycat move as SHIB/USD broke off record highs.
