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

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

Posted at 09:07h in Bitcoin News by

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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

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

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…

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