Catch up with Bitcoin’s fall? BTC price surged again to 57,000 USD to reduce losses

Bitcoin (Bitcoin) The return of $57,000 on October 13th was a classic move that allowed hopeful traders to liquidate $200 million.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Traders believe that the price trend is similar to August

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD reached a high of 57,250 U.S. dollars on Bitstamp, rising by nearly 3,000 U.S. dollars in less than three hours.

Reminiscent of multiple such surges in the past week, Bitcoin rose 5.5% that day, rematching the five-month high.

Those who want to be short More than US$54,260 therefore Disappointed In a string of bullish optimism.

Cointelegraph writer Michaël van de Poppe “This correction of Bitcoin is very similar to the price movement in August” Comment.

“It was just a few days of minimal correction, after which Bitcoin continued to rise, while altcoins fell in its $BTC currency pair.”

At the same time, trader and analyst Rekt Capital confirmed that the lows of BTC/USD were higher during the retracement period, which further strengthened it.

Futures holdings surged by more than 70%

at the same time, data Derivatives show that CME Bitcoin futures open positions have soared in the past month, further boosting optimism about future price trends.

related: The chairman of BlackRock “stands more in Jamie Dimon’s camp” on the Bitcoin issue, praising crypto

The commentator said that although it is still below the historical high since February, this trend is encouraging, considering the possibility that traders may conduct futures-based transactions in advance. Exchange Traded Fund (ETF) Approval In the U.S.

Bitcoin futures open interest chart.Source: Javier Paz/Twitter

Zhu Su, CEO of Three Arrows Capital: “The cattle are not here, they are running wildly” Add to Data from Forbes analyst Javier Paz.