Bitcoin () was back at $57,000 on Oct. 13 as a classic move left hopeful traders liquidated to the tune of $200 million.
Trader sees parallels to August price action
Data fromand showed BTC/USD reaching highs of $57,250 on Bitstamp, up almost $3,000 in under three hours.
Reminiscent of multiple such surges over the past week, Bitcoin thus gained 5.5% on the day, lining up a rematch of five-month highs.
Those looking to shortwere thus amid a barrage of bullish optimism.
«This correction on Bitcoin is nicely comparable to the price action in August,» Cointelegraph contributor Michaël van de Poppe.
«Just a minimal correction for a few days, after which Bitcoin continues grinding upwards, while altcoins are dropping in their $BTC pair.»
Fellow trader and analyst Rekt Capital meanwhile confirmed a higher low for BTC/USD during the retracement, this positioning it for further strength.
forms a Higher Low on the dip and continues to maintain the blue level as support
These are the two levels BTC needs to hold as support to maintain the highs
— Rekt Capital (@rektcapital)
Futures open interest explodes over 70%
Meanwhile,from derivatives showed CME Bitcoin futures open interest skyrocketing over the past month, further fuelling cause to be positive on price action ahead.
While still below all-time highs from February, the trend is encouraging, commentators said, considering the likelihood of traders frontrunning a possible futures-basedin the United States.
«The herd is not just coming, they’re stampeding,» Three Arrows Capital CEO Zhu Suon the data from Forbes analyst Javier Paz.