Bitcoin (BTC) returned to $ 57,000 on October 13 when the classic move eliminated the bullish traders, reaching $ 200 million.

1-hour BTC / USD candlestick chart (Bitstamp). Source: TradingView
Trader sees similarities with August price action
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD peaked at $ 57,250 on Bitstamp, up nearly $ 3,000 in less than three hours.

Recalling several conventions held last week, Bitcoin hit 5.5% daily, hitting five-month highs.

Those looking to sell over $ 54,260 were disappointed by the wide range of optimistic optimism.

“This bitcoin correction aligns well with August prices,” Cointelegraph contributor Michael van de Poppe commented.

“Just a slight correction over the course of a few days, after which Bitcoin continues to rally while all the coins in the BTC dollar pair fall.”
Meanwhile, a trader and analyst at Rekt Capital confirmed a stronger fall in BTC / USD during the rebound period, thereby increasing it.

Open interest rates on futures contracts soared by more than 70%
Meanwhile, derivatives data showed that open interest rates on CME bitcoin futures have risen significantly over the past month, further contributing to a positive reason for future price movement.

RELATED: BlackRock Chief “More About Jamie Daimon Camp” About Bitcoin Praises Crypto

Commentators said the trend is encouraging, although it is below record highs in February, given the potential endorsement of US ETF traders.

Bitcoin futures open interest rate chart. Source: Javier Paz / Twitter
“The herd doesn’t just come, it breaks in,” added Chu Su, CEO of Three Arrows Capital, to Forbes analyst Javier Paz.

Source: CoinTelegraph

LEAVE A REPLY