Catch the Bitcoin dip? BTC price pares losses with a fresh surge to $57K

Bitcoin (BTC), which was at $57,000 Oct. 13, was a classic move that saw hopeful traders liquidated to the tune $200 million.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

A trader sees parallels between August’s price action and August.

Cointelegraph Markets Pro and TradingView data showed that BTC/USD reached a high of $57250 on Bitstamp. This was an increase of almost $3,000 in just three hours.

Bitcoin gained 5.5% in the last week, recalling multiple surges. This translates into a rematch at five-month highs.

In the midst of bullish optimism, those who wanted to shorten more than $54,260 were disappointed.

Michael van de Poppe, a Cointelegraph contributor, commented that the Bitcoin correction is “pretty comparable to August’s price action.”

“Just a minor correction for a few more days, then Bitcoin continues to grind upwards, while altcoins continue dropping in their $BTC pairs.”

Analyst and fellow trader Rekt Capital confirmed that the BTC/USD had fallen to a lower level during the retracement. This position positions it for greater strength.

#BTC 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$BTC #Crypto #Bitcoin https://t.co/yX5LKVboRn pic.twitter.com/6JhzRPP3v6
— Rekt Capital (@rektcapital) October 13, 2021

Futures open interest explodes to 70%

Data from derivatives shows that CME Bitcoin futures open interests have risen significantly over the last month. This is encouraging news for price action.

Related: BlackRock Chairman Jamie Dimon praises cryptography, says he wants to know more about Bitcoin

Although the February highs are still below their all-time highs, the trend is encouraging, commentators stated, given the possibility that traders will frontrun a possible approval of an exchange-traded fund in the United States.

Chart showing open interest for Bitcoin futures. Source: Javier Paz/Twitter

Zhu Su, CEO of Three Arrows Capital, said that the herd isn’t just coming; they’re also stampeding.” He added that data was provided by Forbes analyst Javier Paz.

https://cointelegraph.com/news/catch-the-bitcoin-dip-btc-price-pares-losses-with-a-fresh-surge-to-57k

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Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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