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. TA Video by Benjamin Cowen.
