The price of Bitcoin rallied to approximately $19.5k recently, and has since dropped back down to $17k. With some potential consolidation in this area, it leaves us wondering, "Will this be a different tale than last time?" In 2017, after Bitcoin tested approximately $20k, it dropped below the Bitcoin bull market support band, which is the 20 week SMA and the 21 week EMA. If we can hold this critical level this market cycle, then perhaps this will give the confidence to the Bitcoin bulls to eventually push Bitcoin to a sustainable $20k. Do you think Bitcoin will stabilize at $17k and have the 20 week MA slowly pulled up? Will we quickly drop to the 20 week MA? Or will Bitcoin rally and kick the can down the road in terms of testing the 20 week MA again? Let me know where you think the price of Bitcoin is headed in the comments!
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