The post Double Bottom Pattern Points to $112,000 Target appeared on BitcoinEthereumNews.com.

TLDR Bitcoin recovered from a weekend dip to $106,600 and is now trading near $110,000 Analysts identify a bullish double bottom pattern with a neckline around $109,000 Long-term holders accumulated $28 billion worth of Bitcoin during recent liquidations Two major liquidation waves cleared $185 million in over-leveraged long positions Technical analysts predict Bitcoin could reach $112,000 if current support levels hold Bitcoin has bounced back from weekend lows and is testing the $110,000 resistance level. The cryptocurrency dropped to $106,600 over the weekend before recovering most of its losses. Analyst Ibrahim Cosar identified a double bottom formation on Bitcoin’s hourly chart. This pattern shows two lows at similar levels with a peak between them. The first bottom occurred on May 23 at $106,800, followed by a second low on May 25 at $106,600. The double bottom pattern has a neckline around $109,000. Bitcoin broke above this level with increased trading volume, which analysts view as confirmation of the bullish breakout. If the $109,000 level holds as support, Bitcoin could target prices above $112,000. Cosar explained that double bottoms signal when selling pressure weakens and buyers regain control. Bitcoin Price on CoinGecko Fellow analyst Ali Martinez shared similar views, posting charts showing Bitcoin breaking out from its recent downtrend. Martinez sees Bitcoin targeting $110,000 and potentially higher levels. Market Liquidations Clear Overleveraged Positions Recent price volatility triggered two major liquidation events on Binance. The first wave occurred when Bitcoin fell below $111,000, wiping out over $97 million in long positions around the $110,900 level. A second liquidation wave hit when Bitcoin dropped below $109,000. This cleared another $88 million in leveraged long positions. The combined liquidations totaled $185 million and removed speculative traders from the market. CryptoQuant analyst Amr Taha noted that these liquidations created cascading margin calls. High-leverage traders faced…

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Filed under: News - @ May 27, 2025 8:19 am