Bitcoin hits $62,000 as John Bollinger spots rare “W” pattern

Bitcoin surged past $62,000 on July 2, the highest level since early June, after a soft U.S. jobs report and a rare “W” double‑bottom formation identified by John Bollinger [1][2]. The move gives traders a potential inflection point, but confirmation hinges on a breakout above $65,000.

Market lift from jobs data

The Bureau of Labor Statistics reported that the U.S. economy added just 57,000 jobs in June, far below expectations, while the unemployment rate held at 4.2% [1]. The surprise slowdown eased macro pressure on risk assets, allowing Bitcoin to climb above $62,000 for the first time since early June. The price gain of roughly 2.5% on the day contrasts with a multi‑week downtrend that saw the cryptocurrency lose about 25% from its May peak near $82,000 [2].

Bollinger’s fractal “W” pattern

John Bollinger, creator of the Bollinger Bands indicator, highlighted a developing “W” (double‑bottom) on Bitcoin’s daily chart [1][2]. The formation shows two roughly equal lows near the lower Bollinger Band, with a modest bounce in between, and a smaller “w” pattern nested at each trough. Bollinger notes that a daily close above the $65,000 apex would validate the pattern and could signal the end of the months‑long downtrend [1][2]. Until such a breakout, the setup remains a technical curiosity rather than a confirmed reversal signal.

What to watch

• $65,000 resistance – a daily close above this level would confirm the “W” pattern and suggest a trend shift.
• Upcoming macro data – inflation readings and Federal Reserve commentary later in the week could reinforce or undermine the bullish bias.
• On‑chain flows – continued ETF outflows have kept pressure on Bitcoin; a reversal in those flows could add momentum to any breakout.

The significance of Bollinger’s observation lies in its rarity: a fractal double‑bottom is uncommon and, if confirmed, could mark the first major technical reversal since the May $82,000 rejection. Until the $65,000 barrier is breached, the market remains poised between lingering bearish pressure and a potential upside swing.