Catch the Bitcoin dip? BTC value pares losses with a recent surge to $57K

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Bitcoin (BTC) was once again at $57,000 on Oct. 13 as a vintage transfer left hopeful buyers liquidated to the track of $200 million.

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

Trader sees parallels to August value motion

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD attaining highs of $57,250 on Bitstamp, up virtually $3,000 in underneath 3 hours.

Reminiscent of more than one such surges over the last week, Bitcoin thus received 5.5% at the day, lining up a rematch of five-month highs.

Those taking a look to brief further than $54,260 had been thus disappointed amid a barrage of bullish optimism.

“This correction on Bitcoin is properly similar to the fee motion in August,” Cointelegraph contributor Michaël van de Poppe commented.

“Just a minimum correction for a couple of days, and then Bitcoin continues grinding upwards, whilst altcoins are shedding of their $BTC pair.”

Fellow dealer and analyst Rekt Capital in the meantime showed a better low for BTC/USD all through the retracement, this positioning it for additional energy.

Futures open pastime explodes over 70%

Meanwhile, data from derivatives confirmed CME Bitcoin futures open pastime skyrocketing over the last month, additional fuelling purpose to be certain on value motion forward.

Related: BlackRock chairman ‘more in the Jamie Dimon camp’ on Bitcoin, praises crypto

While nonetheless underneath all-time highs from February, the rage is encouraging, commentators stated, making an allowance for the possibility of buyers frontrunning a imaginable futures-based exchange-traded fund (ETF) approval within the United States.

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

“The herd isn’t just coming, they are stampeding,” Three Arrows Capital CEO Zhu Su added at the knowledge from Forbes analyst Javier Paz.