Key Bitcoin price metric at 10 week low after traders close long positions

Bitcoin has seen a strong $10.9K rejection and a quick $10.2K bottom over the past week.

To further understand if this divergence is caused by the growing interest in cryptocurrency or the lack of it, traders should check traded volume.

One should not automatically conclude that traders are bearish exclusively due to volume metrics.

For this situation to occur, both buyers and sellers must be unwilling to trade at the current price range.

A negative 0.05% 8-hour rate equals to 1% per week and although reasonably high, not enough to pressure traders to close their positions.

Top traders are neutral to shortExchange-provided data highlights traders' long-to-short net positioning.

By analyzing every client's position on the spot, perpetual and futures contracts, one can obtain a clearer view on whether professional traders are leaning bullish or bearish.

Assuming those traders entered short positions near that level, the maximum loss faced so far was 7%.To assess whether this was an isolated or exchange-related movement, we have to compare data from other exchanges.

Although top traders at Binance haven't entered a net short position, they were 10% net long on Sept.13 and have kept a similar level ever since.

Top traders and net position data show the lowest long-to-short ratio in 10 weeks.