Bitcoin appears poised for a potential new All-Time High (ATH) of $112,000 as it forms a Double Bottom pattern. This development follows a crash precipitated by DeepSeek, an AI model that gained prominence, which briefly pushed Bitcoin below $100,000.
As per TradingView's TradingShot, Bitcoin found robust support at a Double Bottom, suggesting a trend reversal from downtrend to uptrend. The analyst noted a pivotal support line, previously a resistance since December 2024's ATH, now assisting in Bitcoin's price recovery.
The analysis further emphasized key levels like 4H MA50, poised as a dynamic resistance that could accelerate Bitcoin's upward trajectory if breached. This aligns with the Relative Strength Index's findings of potential rebounds.
However, failure to surpass this resistance might lead Bitcoin back to the Double Bottom at $98,000, or deeper to $96,000 if trends descend.
