FX.co ★ #Bitcoin chart analysis

The previous analysis highlighted that despite the strong bearish pressure created after the MSS 1D, I was expecting selling momentum to lose strength once BTC approached the major support area. The current daily chart shows that this expectation is gradually unfolding as price is trading around 59,646 and continues to defend the marked DOUBLE BOTTOM. Following the sharp decline from the previous MSS 1D, the market has stopped producing aggressive bearish expansion, indicating that sellers are no longer controlling the same level of momentum seen during the initial breakdown. I can see several daily candles holding above the support instead of extending lower, which suggests demand is absorbing the remaining supply. The failure to establish a fresh daily low despite repeated tests of this level strengthens the technical importance of the DOUBLE BOTTOM. Volume also reflects a shift in participation, as the largest activity appeared during the impulsive selloff while recent sessions have recorded relatively balanced trading, often associated with accumulation. Even though the broader daily trend remains corrective, price is no longer accelerating downward, creating conditions for a possible structural recovery. From my perspective, buyers only need confirmation through stronger bullish closes and a sequence of higher highs to validate that this base has become a sustainable reversal point. Until then, the market remains inside a stabilization phase where both sides are competing for short-term control while respecting the major support highlighted on the chart.

Looking ahead, I continue to favor the recovery path illustrated on the chart because the current structure still supports a rebound as long as the DOUBLE BOTTOM remains intact. I expect liquidity to build around the present range before BTC attempts a gradual advance toward the marked FVG between approximately 71,000 and 73,000. Rather than anticipating an immediate rally, I believe price could climb in stages with temporary pullbacks before reaching that objective, allowing buyers to maintain a healthier bullish structure. The FVG represents the most significant upside target because it coincides with the imbalance created during the aggressive decline, making it a logical destination if bullish momentum continues to improve. A decisive daily close above nearby swing highs would strengthen confidence that the recovery is progressing according to the projected path. However, if sellers manage to secure a sustained breakdown below the DOUBLE BOTTOM, the current outlook would lose validity and BTC could revisit lower demand levels before another accumulation phase begins. I will also monitor macroeconomic developments, institutional ETF activity, Federal Reserve expectations, regulatory updates, and overall market sentiment, as these factors remain capable of influencing volatility alongside the technical picture. Overall, I still consider the DOUBLE BOTTOM to be the foundation of the current setup, and while patience is required, I believe maintaining this support significantly increases the probability of a measured recovery toward the FVG over the coming sessions.