Bitcoin (BTC) Price: Double Bottom Pattern Points to $112,000 Target
TLDR Bitcoin recovered from a weekend dip to $106,600 and is now trading near $110,000 Analysts identify a bullish double bottom pattern with a neckline around $109,000 Long-term holders accumulated $28 billion worth of Bitcoin during recent liquidations Two major liquidation waves cleared $185 million in over-leveraged long positions Technical analysts predict Bitcoin could reach $112,000 if current support levels hold Bitcoin has bounced back from weekend lows and is testing the $110,000 resistance level. The cryptocurrency dropped to $106,600 over the weekend before recovering most of its losses. Analyst Ibrahim Cosar identified a double bottom formation on Bitcoin’s hourly chart. This pattern shows two lows at similar levels with a peak between them. The first bottom occurred on May 23 at $106,800, followed by a second low on May 25 at $106,600. The double bottom pattern has a neckline around $109,000. Bitcoin broke above this level with increased trading volume, which a...