Bitcoin's recent surge has many wondering if it's ready to break out of its long-standing trading range. One key indicator to watch is the 200-day moving average, which has been acting as a strong resistance at around $12,000. A close above this level could be a bullish sign for the cryptocurrency's future gains.

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The 200-day moving average has been a significant resistance level for Bitcoin. If it breaks above $12,000, it could be a strong indication of a new upward trend.