Bitcoin (BTC) became lower back at $57,000 on Oct. thirteen as a traditional flow left hopeful buyers liquidated to the music of $two hundred million.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Trader sees parallels to August rate movement

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD attaining highs of $57,250 on Bitstamp, up almost $3,000 in beneathneath 3 hours.

Reminiscent of more than one surges over the last week, Bitcoin for that reason won 5.5% at the day, lining up a rematch of five-month highs.

Those trying to quick in addition than $54,260 have been for that reason dissatisfied amid a barrage of bullish optimism.

“This correction on Bitcoin is well similar to the rate movement in August,” Cointelegraph contributor Michaël van de Poppe commented.

Fellow dealer and analyst Rekt Capital in the meantime showed a better low for BTC/USD in the course of the retracement, for that reason positioning it for in addition strength.

Futures open hobby explodes over 70%

Meanwhile, information from derivatives confirmed CME Bitcoin futures open hobby skyrocketing over the last month, in addition fuelling reason to be superb on rate movement ahead.

Related: BlackRock chairman ‘extra withinside the Jamie Dimon camp’ on Bitcoin, praises crypto

While nonetheless beneathneath all-time highs from February, the fashion is encouraging, commentators said, thinking about the probability of buyers frontrunning a probable futures-primarily based totally exchange-traded fund (ETF) approval withinside the United States.
Bitcoin futures open hobby chart. Source: Javier Paz/ Twitter

“The herd isn’t always simply coming, they may be stampeding,” Three Arrows Capital CEO Zhu Su introduced at the information from Forbes analyst Javier Paz.