Other factors that may have also contributed to this recent rally are BTC forming a new parabolic trend and Bitcoin absorbing whales’ selling pressure.
BTC/USD Daily Chart
On Bitcoin forming a new parabolic trend, it was noted that BTC dipped below a parabola dating back to September. It was consequently stated that new parabolic trends could reemerge in a bull cycle.
Bitstamp cryptocurrency exchange described BTC surpassing $17,000 as a “stratosphere.” It said:
“STRATOSPHERE: #Bitcoin passed $17k, placing us just 15.7% from a new ATH! The highest $BTC price at Bitstamp was 19666 on 17 December 2017.”
The One-Year Bitcoin HODL Wave. Courtesy: lookintobitcoin.com
Fund Flow Ratio of All Exchanges. Courtesy: cryptoquant.com
Image Credit: Cryptoquant, lookintobitcoin.com, Shutterstock
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