3 reasons Bitcoin price hit $17K, marking a new parabolic uptrend

Three factors likely contributed to the ongoing rally: a new parabolic trend, resilience above $16,000, and Bitcoin absorbing whales' selling pressure.

On Nov. 16, Cointelegraph reported that analysts found the Bitcoin price dipped below a parabola dating back to September.

When BTC dropped below the parabola, some analysts said that BTC could form a new parabolic uptrend.

Typically, when Bitcoin falls out of a parabola and enters a short-term bear cycle, the price dips rapidly and can correct by as much as 80%. In the case of BTC in the past few days, it remained stably above $16,000.

The stability of Bitcoin decreased the probability of a sharp near-term drop, eventually leading BTC to rally.

Bitcoin maintaining stability above $16,000 following the initial drop to $15,800 on Nov. 16 was key for the latest rally.

"Roughly 99% of the addresses currently holding BTC are experiencing profits. There are only 164.11 'thousand addresses that bought 44.91 thousand BTC that are still out of the money.' We could be experiencing soon a 100% profitability for every Bitcoin owner."

Bitcoin's price still reached $17,000 despite the immense selling pressure placed upon it by whales.

At the time, the Bitcoin price was trading just under $16,000, at around $15,900.

The combination of Bitcoin's resilience, the making of a potentially new parabolic trend, and BTC withholding whale pressure makes the medium-term prospect of BTC optimistic.