Trader sees parallels to August price action
Reminiscent of multiple such surges over the past week, Bitcoin thus gained 5.5% on the day, lining up a rematch of five-month highs.
Fellow trader and analyst Rekt Capital meanwhile confirmed a higher low for BTC/USD during the retracement, this positioning it for further strength.
#BTC forms a Higher Low on the dip and continues to maintain the blue level as support
— Rekt Capital (@rektcapital) October 13, 2021
Futures open interest explodes over 70%
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.
“The herd is not just coming, they’re stampeding,” Three Arrows Capital CEO Zhu Su added on the data from Forbes analyst Javier Paz.