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

Crypto market weekly price chart

Crypto market weekly toll 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 merely a mean solar day earlier traded at shut to $nine,700.

At press fourth dimension, Bitcoin was hovering just beneath the new local highs, trading at $ten,340, still upwards most 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 $x,400 was crucial to staving off such losses.

"The range is defined past the resistance at $ten,400 and the possible lower support zones at $9,500 and $9,800. If the price can't break the $x,400 area then information technology will then likely pull dorsum to retest this area," he summarized.

Meanwhile, Bitcoin futures reached their highest since September, with CME's production coming inside a shade of $x,600. On Monday, Bitcoin filled some other "gap" left past the pause in futures trading over the weekend.

CME Bitcoin futures 6-month chart

CME Bitcoin futures 6-month nautical chart. Source: TradingView

Stock-to-flow overshoot hits 20%

Others remained bullish well-nigh the mid-term outlook, Cointelegraph reporting on optimism from figures such as Fundstrat's Tom Lee, who believes Bitcoin volition hitting $40,000 before the Dow Jones hits twoscore,000.

Within the adjacent 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 at present over 20% higher than its predicted average according to the stock-to-catamenia price model. This has the potential to be pregnant, equally 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'south block advantage halving.

The renowned analyst also predicted:

"2021: bull run starts later the halving and tops $100k earlier December 2022."

Keep track of peak crypto markets in real time here