Bitcoin trades dangerously close to its 2017 peak

Bitcoin is close to revisiting the 2017 cycle high of $19,900 after a ravaging sell-off.
Source: Tradingview (Coinbase)

$20,000 is a critical technical level for bitcoin, as it marks the peak of the late 2017 bull run.

Throughout its history, bitcoin has never traded below previous cycle peaks, and a potential visit below this level could lead to a lot of hodlers capitulating and a wind-down of leverage, making this a very important support level to pay attention to onwards.

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