Although the double bottom pattern has been formed, Bitcoin still failed to break through the $66,000 mark. This shows that even though this is the most suitable month for Bitcoin to rise, there are still many bears in the market. Bitcoin is still in the downward channel, as if it is trapped. Let's analyze the market and see what's going on.

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Double bottom didn't work
A double bottom is a bullish signal, meaning that the trend is about to reverse. Since March, Bitcoin has been moving in this downward channel, and it looks like it has reached the bottom. However, on September 29, Bitcoin tried to reach $66,000, but was blocked and has been falling since then.图片

Although it seems that the double bottom will be formed again with $60,000 as the bottom, it feels like it is hanging. The market sentiment is quite bearish, and it has fallen to 39 points today. However, Bitcoin just got some support at $60,600 and wants to rush up again.

Daily line in the channel
The current Bitcoin price is $60,975, and the upper resistance level is around here. On the hourly chart, the moving average 20 is the new resistance. On the four-hour chart, the moving average 200 is in front again.

Other Market Indicators
Bitcoin's long/short ratio also shows that the market is quite bearish, with a ratio of only 0.98%, indicating that everyone is more willing to short.图片

However, the MACD and RSI indicators seem to have new buyers entering the market. MACD has a lot of green bars, indicating that the market has new momentum. RSI is also rising, but has not yet reached 44.32.

Bitcoin Price Trends
In the past 24 hours, 65,095 traders were liquidated, and $182 million in trades were lost. The liquidity chart shows that because there is liquidity, the price may rise. In the next few hours, the price of Bitcoin may soar.