Bitcoin price faces the last major hurdle before the $ 10,000 level

Bitcoin (BTC) tried to break down the new resistance at $ 10,400 on February 12 when its rally began on Tuesday to continue to produce more surprises.

Overview of the cryptocurrency market. According to Coin360
Overview of the cryptocurrency market. According to Coin360

BTC gains 7% on the day

Data from Coin360 and Cointelegraph Markets shows that the BTC / USD pair quickly reached a high of $ 10,495 on Wednesday. This move has created a very successful 24-hour profit for BTC – while the previous day was trading as low as nearly $ 9,700.

At the time of writing, Bitcoin is hovering just below the new high – trading at $ 10,340, still up nearly 6%.

Bitcoin price chart 1 day. Source: Coin360
Bitcoin price chart 1 day. Source: Coin360

Concerns about a new correction in the market have begun to appear, with traders already psychologically prepared for further potential losses. In its latest analysis, trader Michaël van de Poppe of Cointelegraph warned that $ 10,400 is important to prevent those losses.

“The range is defined by the resistance at $ 10,400 and the lower support zones at $ 9,500 and $ 9,800. If the price fails to break the $ 10,400 zone, it may drop to retest the area, ”he wrote.

Meanwhile, Bitcoin futures have reached their highest level since September, with the upcoming CME product at around $ 10,600. On Monday, Bitcoin filled a remaining “void” due to a pause in future transactions last weekend.

Bitcoin CME 6-month future chart. Source: TradingView
Bitcoin CME 6-month future chart. Source: TradingView

Stock-to-flow exceeds 20%

Others remain optimistic about the medium-term outlook. As Toiyeubitcoin reported, Fundstrat's Tom Lee stated that Bitcoin reached $ 40,000 before the Dow Jones hit 40,000 points.

He added that within the next 6 months, Bitcoin could reach an all-time high of $ 27,000 thanks to the price surpassing the 200-day moving average.

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At current levels, Bitcoin is currently 20% higher than the average predicted by the stock-to-flow price model. This is potentially very important, as stock-to-flow has a nearly perfect history of tracking the volatility of the BTC / USD pair.

PlanB, the model's creator, announced this week that BTC will still be above $ 10,000 in May – the time of the halving event.

The famous analyst also predicts:

“2021: The bullish trend will start after halving and reach $ 100k by December 2021.”

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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