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CryptoWatch: Bitcoin rally faces key test as it nears $10,000

After a fruitful four weeks for owners of digital currencies, which has seen the total value of all coins climb 72% to $460 billion, one analyst suggested owners take stock as the No. 1 digital currency enters a crucial level.

Bitcoin, which accounts for 36.1% of all coins, has closed in on resistance near $10,000 and it’s 200-day moving average at $10,015, a closely watched gauge of momentum for technical traders. Bitcoin hit an intraday high of $9,790.94 on Friday.

“Bitcoin continues holding above [$9,000] and so far things look good. But there comes a point where holding these levels goes from being resilient, to an inability to move higher,” wrote Jani Ziedins of Cracked Market in a Friday blog post.

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