Bitcoin price breaks $11K, crypto traders optimistic about BTC's action

The price of Bitcoin has seen a recovery during the past week, surging by nearly 6.5% since Oct. 2.

In the near term, traders believe $10,500 remains the most critical level for Bitcoin for numerous reasons.

In the medium term, traders foresee $13,000 as the main hurdle before Bitcoin sees a prolonged rally.

If BTC continues to stabilize and consolidate above key support levels, the trader said a rally to a new record-high could occur in the longer term.

Now a week later, Bitcoin has recovered above its price level at which the BitMEX and Trump news came to light.

According to "Light," a pseudonymous options and futures trader, the short-term recovery of BTC is positive.

Compared to MicroStrategy's $425 million bulk BTC purchase, the $50 million investment is nowhere large enough to solely cause Bitcoin to soar.

Based on the recent trend of BTC, its pullback in October, and subsequent recovery, traders remain neutral and optimistic.

Citing the realized volatility of BTC, which recently crashed to 20% for the seventh time in five years, other traders said a volatility spike is expected.

In the short term, traders expect BTC to successfully retest the $11,000 resistance level and range between $10,500 to $11,000.