• Analyst John Bollinger identifies a bullish two-bar reversal pattern near Bitcoin’s lower Bollinger Band.

  • If the pattern holds, Bitcoin could bounce and test previous highs around $72,000.

  • Watch $62,140 pivot point and resistance levels at $63,440 and $64,510.

As Bitcoin’s price hovers above $60,000, analysts are closely monitoring its movements. Among them, John Bollinger has shared his insights, shedding light on potential trends.

No bounce after a Two-Bar Reversal at the lower Bollinger Band, more consolidation expected. #Bitcoin https://t.co/vIH2wo4CsJ

— John Bollinger (@bbands) June 28, 2024

Bollinger, the creator of the Bollinger Bands indicator, recently pointed out a two-bar reversal pattern on Bitcoin’s price chart. This pattern appeared near the lower Bollinger Band, suggesting an imminent bounce. 

He stated that it is a lovely two-bar reversal at the lower Bollinger Band that occurred at a logical place. Using a price chart to illustrate his analysis, Bollinger described how the two-day candlestick reversal near the lower band could result in a significant price increase. 

If this anticipated reversal comes to fruition, Bitcoin’s value could rise substantially, potentially reaching around $72,000. Traders are now discussing Bollinger’s insights, injecting a layer of optimism into the cautious market sentiment. 

Technical Analysis 

Bitcoin’s 4-hour chart indicates a pivot point at $62,140, which could determine the market direction. Immediate resistance levels are at $63,440, followed by $64,510 and $65,710. 

On the downside, support stands at $60,620, with further levels at $59,670 and $58,630. The Relative Strength Index (RSI) currently sits at 48, indicating neutral market conditions. 

Bitcoin remains bearish below the $62,140 pivot point. A break above this level could shift the bias toward bullish momentum, while staying below may trigger further selling pressure.

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