Bitcoin Price Tackles $10.4K Level as Futures Markets Hit 5-Month High


Bitcoin (BTC) tried to clear fresh key resistance at $10,400 on Feb. 12 as its rebound, which began on Tuesday, continued to produce surprises.

Crypto market weekly price chart. Source: Coin360

BTC posts 7% daily gains

Data from Coin360 and Cointelegraph Markets showed BTC/USD briefly hit local highs of $10,495 on Wednesday. This capped a highly successful 24 hours for the pair, which just a day earlier traded at close to $9,700. 

At press time, Bitcoin was hovering just below the new local highs, trading at $10,340, still up almost 6%. 

Bitcoin 1-day price chart. Source: Coin360

Fears had arisen of a fresh dip for markets, with traders bracing themselves for further potential losses. In his latest analysis, Cointelegraph Markets trader Michaël van de Poppe warned that $10,400 was crucial to staving off such losses.

“The range is defined by the resistance at $10,400 and the possible lower support zones at $9,500 and $9,800. If the price can’t break the $10,400 area then it will then likely pull back to retest this area,” he summarized.

Meanwhile, Bitcoin futures reached their highest since September, with CME’s product coming within a shade of $10,600. On Monday, Bitcoin filled another “gap” left by the pause in futures trading over the weekend.

CME Bitcoin futures 6-month chart. Source: TradingView

Stock-to-flow overshoot hits 20%

Others remained bullish about the mid-term outlook, Cointelegraph reporting on optimism from figures such as Fundstrat’s Tom Lee, who believes Bitcoin will hit $40,000 before the Dow Jones hits 40,000.

Within the next six months, he recently added, Bitcoin could hit new all-time highs of $27,000 thanks to the price beating its 200-day moving average.

At current levels, Bitcoin is now over 20% higher than its predicted average according to the stock-to-flow price model. This has the potential to be significant, as stock-to-flow has historically almost perfectly tracked fluctuations in BTC/USD.

The model’s creator, PlanB, this week nonetheless stated that the pair would be above $10,000 in May, at the time of Bitcoin’s block reward halving. 

The renowned analyst also predicted

“2021: bull run starts after the halving and tops $100k before Dec 2021.”

Keep track of top crypto markets in real time here



Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

Werbung: Immobilienmakler HeidelbergMakler Heidelberg

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close