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Bitcoin double bottom pattern: Bears still in power?

Bitcoin Hourly chart shows Bitcoin double bottom pattern and it is testing the base area at $55,000 mark.

The Bitcoin price today is $57,626.19 USD with a 24-hour trading volume of $37,564,199,705 USD. Bitcoin is up 2.17% in the last 24 hours, with a live market cap of $1,088,056,216,255 USD. It has a circulating supply of 18,881,281 BTC coins.

Bitcoin double bottom pattern
Source: TradingView

Bitcoin double bottom pattern: Analysis

Bitcoin tested the bottom at $55,530 yesterday, completing a double pattern. There is a pullback from the bottom and can drop to the price mentioned above, again. If Bitcoin breaks this support area, it will be a confirmation that the pattern is being followed. In such a case we can see Bitcoin making a base at fib 1.65 just above the $53,000. We have a resistance above at EMA 50 and then at EMA 100 near fib 0.328.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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