These 4 Bitcoin Charts Show BTC Price Falling After 50% Crash
While Bitcoin (BTC) remains more than 42% below its all-time high of $126,000, several technical setups suggest that the price range between $60,000 and $72,000 could be the new bottom range before a sustained recovery begins.
Main Receptors:
Bitcoin's double bottom pattern suggests a reversal is underway.
A bottom could be formed in the coming weeks as the BTC-Gold ratio retraces previous cycle lows.
Bitcoin price is testing a multi-year trend line that marked the previous market low.
BTC's double bottom pattern hints at a trend reversal
Bitcoin has recovered 21% from a multi-year low of $60,000 hit on February 6 to a 30-day high of $74,000.
“The Adam and Eve bottom is still playing out,” crypto analyst Jelle said on Bitcoin's 12-hour chart.
A Bullish Reversal Chart diagram showing Adam and Eve's downward transition from downward to upward. It is a variation of a classic double-bottom pattern that appears after a downtrend and indicates that selling pressure is easing.
RELATED: Bitcoin's bullish pace accelerates, but raising $78K is a challenge.
As shown in the chart below, the pattern is confirmed when the price closes above the neckline (the peak between the two lower peaks) at $70,000.
The bulls “need to hold different positions, or we're going to go down another bad path before it goes down,” the analyst added.
As previously reported by Cointelegraph, the slowdown in profit reduction was a prerequisite for BTC to hold $70,000 and ensure its recovery.
Bitcoin-gold chart lights another bottom signal
In the year In March, Bitcoin's price against gold hit a 13-month low following a December 2024 peak.
As Bitcoin falls against gold, investors reduce exposure to BTC, indicating a sense of risk aversion. This indicates a fear of macroeconomic instability, geopolitical instability or a liquidity squeeze, favoring gold.
“It took about 14 months to go from peak to bottom in the last 3 cycles,” Coinbureau CEO Nic said in a post on X on Thursday.
“These coincide with the bottom of the bear market.”
As the ratio bottomed out at the end of 2022, BTC price touched a macro low of $15,500 before rallying 352% from its March 2024 all-time high of $73,800.
A similar pattern played out in 2018 and 2014, when the price of Bitcoin recovered between 300% and 450% after the BTC/XAU pair bottomed out.
Therefore, the current 13-month decline suggests that the bottom of the last peak of the ratio may be near.
Bitcoin's ascending channel hints at the bottom of a cycle
Data from TradingView shows that BTC price has retested the multi-year support trend line on the monthly time frame.
The chart below shows that this trend line has previously marked bear market lows in Bitcoin as seen in 2018 and 2022.
“Bitcoin is now approaching historical lows on the trend line,” said a trader and analyst at Coinvo Trading in a video post on X.
“If history is made, Bitcoin will retest this trend line and then sell off around $500K.”
After seeing a similar pattern in the weekly time frame, fellow analyst Rekt Fencer said, “BTC was sure to enter the bottom,” with the price retesting the 2022 low mark of the trend line.
As Cointelegraph reports, several technical indicators suggest that Bitcoin is approaching a potential bottom, including the Relative Strength Index (RSI).
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