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

The downside does not last long with an abrupt return to form taking Bitcoin price action back to mid-May levels.

Bitcoin (BTC) was back at $57,000 on Oct. 13 as a classic move left hopeful traders liquidated to the tune of $200 million.

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

Trader sees parallels to August price action

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $57,250 on Bitstamp, up almost $3,000 in under three hours.

Reminiscent of multiple surges over the past week, Bitcoin thus gained 5.5% on the day, lining up a rematch of five-month highs.

Those looking to short further than $54,260 were thus disappointed amid a barrage of bullish optimism.

“This correction on Bitcoin is nicely comparable to the price action in August,” Cointelegraph contributor Michaël van de Poppe commented.

“Just a minimal correction for a few days, after which Bitcoin continues grinding upwards, while altcoins are dropping in their $BTC pair.”

Fellow trader and analyst Rekt Capital meanwhile confirmed a higher low for BTC/USD during the retracement, thus positioning it for further 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 over 70%

Meanwhile, data from derivatives showed CME Bitcoin futures open interest skyrocketing over the past month, further fuelling cause to be positive on price action ahead.

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

While still below all-time highs from February, the trend is encouraging, commentators said, considering the likelihood of traders frontrunning a possible futures-based exchange-traded fund (ETF) approval in the United States.

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

“The herd is not just coming, they’re stampeding,” Three Arrows Capital CEO Zhu Su added on the data from Forbes analyst Javier Paz.

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