Top traders go long after Bitcoin price rallies to key $11.5K resistance

On Oct. 7 Cointelegraph reported that top crypto traders had kept a bearish stance since mid-September and at the time the (BTC) long-to-short ratio had reached its lowest level in 10 weeks. All of this changed in a matter of hours as soon as BTC broke through the $11,000 resistance.

Whenever Bitcoin's volatility gets too low, it usually signals that traders became too complacent. Naturally, there will be periods of range trading, but short-term unpredictability is Bitcoin's defining characteristic.

Bitcoin 3-month implied volatility. Source: Skew
3-hour chart. Source: TradingView
Bitcoin 3-month futures annualized basis. Source: Skew
OKEx top trader BTC long/short ratio. Source: OKEx
Binance top traders BTC long/short ratio. Source: Binance