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$10,500 has become a level of utmost importance to the Bitcoin (BTC) market over the past year. It marked the highs of two crucial rallies:

1) the Xi Pump that was seen in October of 2019, and 2) the rally to $10,500 earlier this year. Analysts say that if the cryptocurrency can decisively claim that level as support by closing above it on the daily, a larger move to follow.