Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola

Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola

Over the weekend numerous traders pointed out that Bitcoin (BTC) price broke its parabolic uptrend which had dated back to September. Technical analysts are bracing for a pullback as the dominant cryptocurrency eyes consolidation.

Bitcoin could still see a strong recovery after the weekly close if there is a continuation of the rally. But it would need to quickly re-enter the parabola or risk a potential downward correction.

Traders pinpoint $15,500 as the key level to maintain the bull run

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Since early September, Bitcoin has continuously rallied without major corrections. Typically, during bull trends, BTC historically saw 20% to 30% drops. There is a possibility that a large pullback could ensue if BTC fails to reenter the parabola.

According to the 12-hour Bitcoin price chart shared by the pseudonymous trader “Altcoin Psycho,” BTC is now out of 2-month the parabolic advance.

The trend does not necessarily indicate that BTC would see a deep correction in the near term. Rather, it

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