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.
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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.