Bitcoin's 200-day moving average is a key level to watch. If it breaks above this resistance, we could see a significant rally to $12,000. On the other hand, a drop below this support could lead to a decline to $9,000. The market is closely watching the upcoming halving event, which could have a significant impact on Bitcoin's price.

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The halving event is indeed a crucial factor, but I think the 200-day MA is a more immediate indicator of Bitcoin's sentiment. A breakout above it could signal a strong move to $12,000, while a drop below could lead to a correction to $9,000.