$17K Bitcoin price a real possibility if bulls flip $12K to support

Bitcoin (BTC) price had been acting inside a narrow range for the last few weeks but the momentum and trend shifted as a bullish breakout occurred on the announcement that Square had allocated 1% of its cash reserves to BTC.

This bullish breakout even caused the price to rally from $10,600 to $11,500, which is almost $1,000 in a few days.

Despite this strong upside move, traders are still cautious as they are unsure whether the bullish momentum is back or if this is just a temporary blip.

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