BTC/USDT:USDT
BTC has formed a clear double-bottom structure at $62,400 on the 4H timeframe. The recent 4H candle close at $64,482 shows strong absorption of sellers. Given the stabilization in intraday volume and the failure of bears to push price below the $62k handle despite multiple attempts, a mean-reverting bounce toward the $66,000 liquidity pocket is expected. This move is supported by the exhaustion of the downward momentum seen on Feb 23.
Detailed Analysis
Multiple wick rejections at $62,400-62,465 across all exchanges and a reversal close above $64,400.
Aggressive sellers are exhausted, and buyers are defending the local range floor.
A relief rally targeting the 0.5 Fibonacci retracement of the recent drop, approximately $66,000.
A sustained 4H candle close below $62,400.