Bitcoin is Testing a Key Parabolic Trendline as Bears Try to Spark Downside

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Bitcoin has been struggling to maintain its immense momentum following the multiple rejections seen at $16,000 It is now consolidating within the lower-$15,000 region, with bulls struggling to hold it above this level as it continues slowly drifting lower It did see a sharp rebound from its overnight lows of $14,800 that were set during yesterday’s selloff, with the support here being significant That being said, the multitude of rejections at $16,000 hasn’t bode well for its short-term outlook Until it can break above this level, it could be positioned to see further weakness in the short-term This comes as it tests a crucial parabolic trendline that has been formed throughout the past few months Bitcoin has been consolidating over the past week, with the selling pressure at $16,000 so far proving to be too much for its buyers to handle. Until this level is broken above, bulls may be…

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