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BTCUSD Bullish Trend Confirmed by Double Bottom

By Suyouu
Updated
In the current BTCUSD chart, we can clearly observe a double bottom pattern, a classic bullish reversal formation. After touching a strong support zone around the 61,000 USD level (highlighted in green), Bitcoin's price bounced back and formed a lower peak before returning to the support zone once again to create the second bottom. This indicates strong buying pressure at this price level.

After completing the double bottom pattern, the price broke above the moving averages and continues to rise, currently trading around 65,848 USD. The current trend suggests a potential test of the key resistance zone at 71,511 USD (marked by the dashed line).

Forecast:

If BTCUSD can break through this resistance zone, the price may continue its upward momentum, potentially reaching targets around 74,000 USD and higher.
However, it's important to note the possibility of a short-term correction upon hitting the 71,511 USD resistance zone before continuing the upward trend.
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Bitcoin (Cryptocurrency)BTCUSDBTCUSDTbtcusdtlongbuyChart PatternsTechnical IndicatorsSELLTrend Analysis
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