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

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

Trader sees parallels to August price activeness

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $57,250 on Bitstamp, upwards nigh $3,000 in nether 3 hours.

Reminiscent of multiple surges over the by week, Bitcoin thus gained five.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 avalanche of bullish optimism.

"This correction on Bitcoin is nicely comparable to the cost activity in August," Cointelegraph correspondent 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 Uppercase meanwhile confirmed a higher low for BTC/USD during the retracement, thus positioning it for further forcefulness.

Futures open interest explodes over 70%

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

Related: BlackRock chairman 'more in the Jamie Dimon army 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 of america.

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 information from Forbes analyst Javier Paz.