Bitcoin (BTC) has undoubtedly been trading in a parabolic pattern since bottoming in December at $3,150. The past few months have seen the cryptocurrency market absolutely explode, posting new highs every other week. Until now anyway.
As of the time of writing this, BTC has found itself changing hands for $11,300 — down around 20% from its year-to-date high of $13,850. The asset has failed to put in a new year-to-date high in about three weeks, marking the end of a nearly seven-month-long parabolic swing to the upside.