Bitcoin (BTC) saw another classic increase during October 28, when the bulls enjoyed the $1,700 candlestick.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Suddenly Bitcoin falls to bears
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD is back over $60,000 after a sideways tracking since early Wednesday.
This move means that the pair has planted strong doubts about the recent bearish behavior, but completely reversed the head and shoulder pattern just as expected.
As Cointelegraph reports, analysts are no longer embarrassed by Bitcoin’s pullback, and some have even raised their price targets over an extended period.
At the time of writing, BTC/USD is trading at $61,000, reaching a local high of $61,250 on Bitstamp. Funding rates have remained low, indicating a successful fading of influence in recent days.
Dogs dominate altcoins
Altcoins piled up with Bitcoin, with the top 10 cryptocurrencies by market cap showing a few percent gains.
On the topic: Someone bought SHIB for $3,400 in August of last year. It is now worth $1.55 billion.
However, Shiba Inu (SHIB) continues to dominate the market, with altcoins up 43% on the day and 150% on the week.
Then the focus shifted to Dogecoin (DOGE), which became wishful thinking as SHIB/USD fell from all-time highs.