After experiencing a slight dip over the weekend, where Bitcoin reached a low of $106,600, the cryptocurrency has rebounded significantly and is now nearing the $110,000 level. This resurgence has led several analysts in the cryptocurrency sphere to speculate that Bitcoin might be poised to attain a new all-time high shortly.
A bullish pattern, known as the double bottom, has emerged on Bitcoin ’s hourly chart, according to recent analyses. This formation is regarded as a strong reversal indicator in technical trading. The pattern indicates that the downward pressure that previously gripped the market is starting to diminish, suggesting that buyers are set to reclaim control. The first low of the formation occurred on May 23 at $106,800, followed by a second dip just days later.
For those not familiar with the terminology, a double bottom occurs after a downtrend and features two lows that reach similar price levels, separated by a moderate peak known as the neckline. Currently, analysts identify the neckline around $109,000. Bitcoin ’s price action has recently shown movement above this critical level, confirming a bullish breakout supported by increased trading volumes, which analysts interpret as a strong indication of renewed buying interest.
If Bitcoin manages to maintain its position above $109,000, the potential exists for prices to push beyond $112,000. The behavior of the market suggests that a significant shift is underway, with buyers indicating they have enough confidence to defend the recent lows.
Following a challenging first quarter in 2025, Bitcoin has made remarkable strides, rising from a low of $74,508 on April 6 toward the $110,000 level. This rally has reinstated a wave of bullish sentiment across the market, particularly as spot Bitcoin exchange-traded funds see increasing inflows, pointing to a resurgence in institutional investment. However, it’s noteworthy that Bitcoin whales exhibit mixed behaviors, with some accumulating assets while others seem to be taking profits. As of the latest update, Bitcoin is trading at approximately $109,998, reflecting a 2.2% increase within the past 24 hours, according to CoinMarketCap data.
