Bitcoin (BTC) bounced back to $ 57,000 on October 13, when a classic move prompted traders to liquidate at $ 200 million.
Traders see similarities with the August price action
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD hit a high of $ 57,250 on Bitstamp, up nearly $ 3,000 in less than three hours.
Based on many such rallies in the past week, Bitcoin has gained 5.5% over the day and thus reached a new edition of the five-month highs.
As a result, those targeting short sales above $ 54,260 were disappointed in the face of bullish optimism.
“This correction in Bitcoin can be compared well with the price action in August,” said Cointelegraph employee Michaël van de Poppe commented.
“Just a minimal correction for a few days, then Bitcoin continues to rise while Altcoins in their $ BTC pair fall.”
Meanwhile, trader and analyst Rekt Capital confirmed higher lows for BTC / USD during the retracement, which puts it in a position to gain strength.
#BTC made higher lows on decline and continued to hold blue levels as support
– Rekt Capital (@rektcapital) October 13, 2021
Open futures contracts explode by more than 70%
While, data from derivatives shows that open interest CME bitcoin futures have skyrocketed in the last month, further fueling bullish reasons for price action.
Related: BlackRock President ‘More In Camp Jamie Dimon’ About Bitcoin, Praises Cryptocurrency
While the trend is still below February’s all-time high, the trend is encouraging, commentators said, given the possibility that traders are looking for a rebound, commentators said.
“The cows don’t just come, they crush them,” said Zhu Su., CEO of Three Arrows Capital Add based on data from Forbes analyst Javier Paz.