Bitcoin: Bulls Still Have Work to Do for BINANCE:BTCUSDT by DukesMarketAnalysis
**Potential Double Bottom Developing Bitcoin bulls will be hoping the $62,275 and $63,238 lows are developing into a potential double bottom. However, further confirmation is still required before this formation can be taken seriously. **Bullish Change of Character Still Needed Bitcoin broke short-term structure to the upside last Sunday but failed to close above the $65,474 swing high. A firm close above this level would confirm a more meaningful bullish change of character and strengthen …
**Potential Double Bottom DevelopingBitcoin bulls will be hoping the $62,275 and $63,238 lows are developing into a potential double bottom. However, further confirmation is still required before this formation can be taken seriously. **Bullish Change of Character Still NeededBitcoin broke short-term structure to the upside last Sunday but failed to close above the $65,474 swing high. A firm close above this level would confirm a more meaningful bullish change of character and strengthen the potential double-bottom scenario. **Resistance Continues to Frustrate BullsSellers continue to defend the initial resistance around $64,200, with the bearishly crossed 100/50-Period EMAs adding further resistance. Beyond $65,474, the July 21 high at $66,956 represents another significant hurdle. **Sellers Still Showing Greater ConvictionRecent downside moves have continued to attract stronger volume than the recoveries. This suggests sellers still have the upper hand despite Bitcoin attempting to stabilise above the latest lows. **The Bigger Picture Hasn't ChangedNone of this confirms Bitcoin's final bottom is in. With the four-year cycle still pointing towards a potential Q4 low, bulls have a mountain of resistance to overcome before the broader picture begins to improve meaningfully. **In SummaryBitcoin is attempting to build a potential double bottom, but bulls still have plenty of work ahead. A close above $65,474 would confirm a bullish change of character and strengthen the formation, while $66,956 provides another major hurdle beyond. Selling volume remains stronger on downside moves, keeping the short-term picture cautious. With the four-year cycle still pointing towards a potential Q4 low, the broader outlook has yet to meaningfully change. I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions. Chart PatternsTechnical IndicatorsTrend AnalysisDisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use. Chart PatternsTechnical IndicatorsTrend AnalysisI analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions. DisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use.