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

October has barely started and the price action in the crypto markets has been both exciting and worrisome. Bitcoin (BTC) has seen a strong $10.9K rejection and a quick $10.2K bottom over the past week.

The whipsaw price action has been the norm over the past three weeks and is quite gruesome for the bulls and bears. Regardless of the reason behind these moves, the recent newsflow of negative crypto events has clearly spooked investors.

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