Bitcoin was able to hold the critical $20k level of support with the trading action turning more positive in recent weeks.Despite the volatility this year, the long-term bullish case for Bitcoin as the leading cryptocurrency and store of value remains in play.A pullback in the Dollar strength may be a catalyst for the next leg higher in Bitcoin through the rest of the year.Bitcoin (BTC-USD) and the broader crypto sector across alts, blockchain tech startups, DeFi players, and digital mining companies have been nothing short of a disaster. From the strong momentum for much of 2021, BTC fell nearly 75% from its high when it briefly traded under $18,000 amid the broader market selloff last month. Favorably, the trading action has turned more positive and we have several reasons to believe that "the low" is in. We last covered Bitcoin back in May, heralding the start of a "crypto ice age". While that article worked at the time, signs of a crypto spring thaw with a new outlook that this current rally has legs warrant an update.We Saw A True Capitulation in BitcoinWe likely saw a true capitulation in June. When BTC moved under $20k, the volatility effectively wiped out gains from any investor purchase since Q4 2020 when Bitcoin first took out the old 2017 highs. This is important because the move worked to wring out the speculative "hot money" into the sector while also consolidating positions into more committed investors. Holding ...
