Thursday, 15th of February BTC climbed back above $10,000 after a series of sharp declines throughout the New Year. At the time of writing BTC’s price is sitting above $10,000 again for the second time according to our price index. This overnight retrace was foreseeable, due to the fact that it rallied through $10,000 all the way to $10,300.

Many speculate over Twitter and TradingView, that recent price actions have been bullish and that we finally broke above a key short-term resistance zone of $9000-$9250. Now we consider that zone as a support at least for now. Some analyst even see this as a key level for attracting new buyers to the crypto market. Coinbase added 300.000 new users in the week of Thanksgiving, this could have resulted in the volume spikes we witnessed when BTC broke the 5 digit barrier again.

Besides the above mentioned reasons, there was another trigger that certainly helped a lot with the price recovery: a special thanks is going for the regulators, who made the overall climate quite positive for crypto markets in general. You all probably remember CFTC Commissioner Giancarlo who recently told a heart warming speech to the senators at the SEC hearing.

We should also mention that this key level of $10,000 was first reached last November. After we crossed it, we saw the parabolic movements that blew BTC to the all time high of almost $20,000 and then soared to the lows of $6300 recently. Now that we are back here again, there is a good chance that we could build a strong base for the continuation of the rally.

Read our previous post on the possible reasons why BTC was dropping and why we were still bullish on Bitcoin all along.