Bitcoin (BTC) delivered another classic surge during Oct. 28 as bulls enjoyed a $one,700 hourly candle.

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

Bitcoin suddenly abandons the bears

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

The movement meant that the pair cast firm doubt on recent bearish behavior, all but invalidating a caput-and-shoulders blueprint in line with expectations.

As Cointelegraph reported, analysts were already unfazed past Bitcoin's retracement, with some fifty-fifty increasing their cost targets over longer timeframes.

At the time of writing, BTC/USD circled $61,000, having reached local highs of $61,250 on Bitstamp. Funding rates remained depression, pointing to the successful "flushing" of leverage in recent days.

Dogs boss altcoins

Altcoins moved upward in pace with Bitcoin, with the top x cryptocurrencies by market capitalization seeing gains of several pct points.

Related: Someone bought $3,400 worth of SHIB concluding August. Information technology's at present worth $1.55 billion

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

The spotlight subsequently switched to Dogecoin (DOGE), which put in a copycat motion equally SHIB/USD came off tape highs.

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