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
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