Bitcoin price forms possible double bottom around $61.000

While some analysts are already declaring that Bitcoin is over, market analyst Scott Melker sees an interesting technical signal emerging on the daily chart. The Bitcoin price currently stands at $61.600. down 1.5% in the past 24 hours, but technically there may be something noteworthy happening: a potential double bottom.

Bitcoin is available at OKX and Bybit.

What is a double bottom and why does it matter?

On Bitcoin’s daily chart, the price is touching the recent lows again, starting to form a double bottom pattern. This is a classic reversal signal indicating that selling pressure may be easing. Melker sees the neckline of this pattern at $67.253, Only when the price breaks above that level is the pattern officially confirmed.

What also catches Melker’s eye is the timing of the bearish statements. The “it’s over” posts appear precisely when the price is at the lower end of the range, while technically nothing substantial has changed. This is a pattern that repeats itself time and again in the crypto market, and it is the 200th time Bitcoin has been declared dead.

Bitcoin moves sideways in June

The Bitcoin price has been moving sideways throughout the entire month of June, something that was also noted earlier. No major breakout to the upside, but also no dramatic crash. The price oscillates within a broad range, with the recent lows as a floor and the $67.000 zone as a ceiling. This sideways behaviour creates uncertainty among investors, but for technical analysts it actually provides points of reference.

The sideways movement of Bitcoin in a falling wedge has been a topic of discussion for some time. At the same time, ETF flows show four consecutive days of negative figures, adding pressure to the market. Whether the double bottom actually confirms itself depends entirely on what the price does in the coming days. A close above $67.253 would officially activate the signal.