Bitcoin’s (BTC) 11% weekly gains have investors worried that BTC could experience a final pullback before reaching new highs.

“Current trading activity around 68.4k is tied to the volatility on July 29,” anonymous derivatives trader TheKingfisher wrote in a post on Oct. 17. The increased volatility suggests that “hedging costs are rising and leverage is becoming more expensive.”

MN Capital founder Michael van de Poppe noted that Bitcoin is following a pattern it has been following for the past seven months. He predicts that Bitcoin will first fall to collect demand-side liquidity around 64.130$ before moving towards a new high.

CME Bitcoin futures open interest (OI) has reached a new all-time high. While some analysts are concerned about a pullback, others see it as a positive sign for the BTC price.

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