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Bitcoin is completing a "W"-shaped reversal pattern, according to John Bollinger, creator of Bollinger Bands. BTC trades at $61,556 after a correction from
Bitcoin is nearing the completion of a "W"-shaped reversal pattern, a technical formation that John Bollinger, creator of the Bollinger Bands volatility indicator, suggests could signal the end of the cryptocurrency's downtrend since October 2025 [1]. The asset traded at $61,556 on Thursday, July 2, 2026, reflecting a moderate recovery over the prior 24 hours after failing to consolidate above $82,000 in May [2].
| At a glance | |
|---|---|
| Price | $61,556 [2] |
| Key Pattern | "W"-shaped double bottom [1] |
| Key Level | $65,000 (central apex breakout) [2] |
| Catalyst | First net US spot Bitcoin ETF inflows in 10 days [1] |
John Bollinger highlighted the "W"-shaped double bottom on BTC/USD charts in X posts on Friday, noting its "perfectly fractal" nature with smaller "w" patterns at nadirs and an "m" at the apex [1]. This pattern, involving two swing lows with a rejected rebound, suggests a potential new uptrend if the price breaks through the rejection level [1]. Bollinger has been bullish on BTC, revealing a new long position via his investment vehicle in early May [1].
Despite this technical optimism, market participants broadly anticipate a macro bottom later in Q3 or beyond [1]. Bitcoin's price has struggled to sustain rallies, invalidating multiple bullish formations due to selling pressure since its failed attempt to consolidate above $82,000 in May [2]. The current level represents a zone of high friction between buyers and sellers, according to historical behavior against the standard deviation indicator [2].
US spot Bitcoin exchange-traded funds (ETFs) recorded their first net inflows in ten days on Friday, totaling $220 million [1]. While not "massive," these inflows could support BTC price going forward, especially given that the ~$60,000 region has held despite previous outflows, indicating significant absorption [1]. However, capital flow data also reveals persistent divestments in US crypto-asset ETFs [2].
Macroeconomic challenges continue to influence institutional investor sentiment, with central bank minutes keeping investors alert regarding potential restrictive monetary adjustments globally [2]. Bitcoin's performance also tracks U.S. equity trends, particularly the Nasdaq 100 and S&P 500 [3]. Economist Timothy Peterson suggests that any sustainable upside in Bitcoin depends on a risk-on shift in the stock market and easing macroeconomic headwinds, especially interest rate volatility [3].
| Support Zones | Resistance Targets |
|---|---|
| $60,000 [1] | $65,000 (central apex breakout) [2] |
The completion of this "W"-shaped reversal pattern could mark a significant shift for Bitcoin, but its validation hinges on key price levels and broader macroeconomic conditions.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jul 4, 2026 · How we report
Bitcoin Cash forked from Bitcoin on 1 August 2017 at block 478,559.
The larger block size was intended to allow more transactions per second and support its use as a medium of exchange.
Payment services such as PayPal, Venmo, BitPay, Robinhood, Revolut, and Coinbase support Bitcoin Cash.
U.S. regulators have indicated that Bitcoin Cash should be supervised as a commodity rather than a security.
Yes; it traded around $240 at launch, peaked at $4,355.62 in December 2017, and fell to about $519 by August 2018.