Analysis suggests a double-bottom \'W\' pattern is forming on bitcoin charts, indicating a possible end to the downtrend. John Bollinger, creator of Bollinger Bands, said the pattern could be a meaningful signal unlike prior rebound attempts. He pointed to a fractal structure and urged looking at weekly charts for a higher time-frame \'W\'. He said a break above about $65,000 could signal the downtrend ending, though ETF outflows and rate-hike worries persist.

Bitcoin’s failure to turn the $82,000 area into support has revived talk of a possible short-term downtrend. Market caution is growing that the cryptocurrency could slide from the top of its recent range and retest the lower bound. Traders are split, though more are leaving room for lower prices. Some warn a break below prior support is likely, while others see scope for a rebound alongside strong U.S. stocks.