Bitcoin Recovers 2.2% to $109,998 as Bullish Pattern Emerges

Bitcoin (BTC) has shown resilience after a slight dip over the weekend, recovering most of its losses and trading close to the $110,000 level. This recovery has sparked optimism among crypto analysts, who believe that BTC could be on track to hit a new all-time high in the coming days.

According to a recent analysis, Bitcoin is forming a classic bullish pattern known as a double bottom on the hourly chart. This pattern is considered one of the strongest reversal signals in technical analysis. The first bottom of this formation was observed on May 23 at $106,800, followed by a second low on May 25 at $106,600. The double bottom pattern signals a weakening of bearish pressure, with buyers poised to regain control of the market.

The double bottom is a bullish reversal chart pattern that forms after a downtrend, characterized by two distinct lows at a similar level with a moderate peak, known as the neckline, in between. The current neckline is around $109,000. At the time of writing, Bitcoin is hovering just above this neckline, confirming the breakout. The breakout was accompanied by a surge in trading volume, which analysts interpret as a sign of robust bullish momentum.

If $109,000 holds as support, then price levels beyond $112,000 could be on the horizon. The analyst explained that double bottoms indicate that the market has sold enough and that buyers are now in control. However, not every pattern plays out as expected, and it is important to know your risk and make informed decisions.

Fellow analyst Ali Martinez echoed this sentiment, sharing a BTC hourly chart that highlights a breakout from the recent downtrend. According to Martinez, Bitcoin is now targeting the $110,000 level and potentially higher.

Following a rough first quarter in 2025, Bitcoin has shown significant recovery, surging from a local bottom of $74,508 on April 6 to nearly $110,000. This recent rally has revived bullish sentiment across the market. Fueling the optimism are strong inflows into spot Bitcoin exchange-traded funds (ETFs), indicating renewed institutional interest. Meanwhile, Bitcoin’s open interest recently hit a fresh all-time high, reinforcing expectations of continued price momentum.

However, not all indicators are aligned. Bitcoin whales – large holders of BTC – have shown mixed behavior, with some accumulating while others appear to be taking profits. At press time, BTC trades at $109,998, up 2.2% in the past 24 hours.