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

Bitcoin 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.

Bitcoin faces crucial resistance overhead. BTC/USD 1-day chart.

The daily chart of Bitcoin is showing a clear upward move toward the upper range resistance.

In the past week several negative news items surfaced but none of these impacted the price of Bitcoin.

A more decisive move to watch for would be a clear breakout of the current range-bound structure and this would occur if the price can push above $12,000.

Such a breakout seems unlikely to occur in the short term as Bitcoin's price is approaching the resistance zone in one go.

During these constructions, previous resistances were confirmed as support, after which a dull sideways period continued to occur.

As the chart shows, the previous resistance zone at $10,000 was tested for confirmation, and this is exactly what occurred.

As the current construction is similar to the movements in 2016, a breakout could take a while to occur.

A breakout is unlikely to occur in one-go, meaning a retest of lower levels is on the tables.