Bitcoin Aims Strong Recovery, Here’s A Key Pattern For Short-term Bottom

Bitcoin price is likely forming a double bottom pattern near the $42,150 zone against the US Dollar. BTC is showing positive signs and it could climb towards $47,000.

Bitcoin is finding a strong buying interest above the $42,000 and $42,150 support levels.
The price is still trading well below $47,000 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $44,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely forming a short-term double bottom pattern with support near $42,150.

Bitcoin Price Holds $42K
Bitcoin made another attempt to surpass the $42,000 and $42,150 support levels. However, the bulls were active above the $41,500 level. The recent swing low was formed near $42,157.
It seems like the price is forming a short-term double bottom pattern with support near $42,150. It recently started a steady increase above the $44,000 resistance levels. There was a break above the 23.6% Fib retracement level of the downward move from the $49,827 high to $42,157 low.
Moreover, there was a break above a connecting bearish trend line with resistance near $44,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
The pair is now consolidating above the trend line and $44,000. An immediate resistance is near the $45,000 level. The first key resistance is near the $46,000 level. It is close to the 50% Fib retracement level of the downward move from the $49,827 high to $42,157 low.
Any more gains could lead the price towards the $47,000 resistance zone. The 100 hourly simple moving average is also sitting near $47,000 to act as a hurdle in the near term.
Fresh Drop in BTC?
If bitcoin fails to clear the $45,000 and $46,000 resistance levels, there is a risk of a fresh decline. An initial support on the downside is near the broken trend line and $44,000.
The main support is now forming near the $42,150 level (the double bottom zone). A downside break below the $42,150 and $42,000 support levels could spark another strong decline in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $44,000, followed by $42,000.
Major Resistance Levels – $45,000, $46,000 and $47,000.

bitcoin
Bitcoin (BTC) $ 17,137.70
ethereum
Ethereum (ETH) $ 1,281.52
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 292.46
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.392140
dogecoin
Dogecoin (DOGE) $ 0.104628
cardano
Cardano (ADA) $ 0.323433
matic-network
Polygon (MATIC) $ 0.923800
polkadot
Polkadot (DOT) $ 5.60
staked-ether
Lido Staked Ether (STETH) $ 1,268.07
litecoin
Litecoin (LTC) $ 77.24
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.80
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.75
tron
TRON (TRX) $ 0.053290
uniswap
Uniswap (UNI) $ 6.27
avalanche-2
Avalanche (AVAX) $ 13.96
chainlink
Chainlink (LINK) $ 7.46
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,096.44
leo-token
LEO Token (LEO) $ 3.81
cosmos
Cosmos Hub (ATOM) $ 10.28
ethereum-classic
Ethereum Classic (ETC) $ 19.58
the-open-network
The Open Network (TON) $ 1.81
monero
Monero (XMR) $ 142.68
stellar
Stellar (XLM) $ 0.088224
bitcoin-cash
Bitcoin Cash (BCH) $ 111.28
quant-network
Quant (QNT) $ 129.26
algorand
Algorand (ALGO) $ 0.241340
crypto-com-chain
Cronos (CRO) $ 0.065015
filecoin
Filecoin (FIL) $ 4.58
near
NEAR Protocol (NEAR) $ 1.73
apecoin
ApeCoin (APE) $ 4.00
vechain
VeChain (VET) $ 0.019363
hedera-hashgraph
Hedera (HBAR) $ 0.048292
internet-computer
Internet Computer (ICP) $ 4.36
flow
Flow (FLOW) $ 1.14
terra-luna
Terra Luna Classic (LUNC) $ 0.000176
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.30
frax
Frax (FRAX) $ 0.999973
eos
EOS (EOS) $ 0.933057
trust-wallet-token
Trust Wallet (TWT) $ 2.43
the-sandbox
The Sandbox (SAND) $ 0.592800
tezos
Tezos (XTZ) $ 1.01
aave
Aave (AAVE) $ 64.52
chiliz
Chiliz (CHZ) $ 0.167826
theta-token
Theta Network (THETA) $ 0.893240
lido-dao
Lido DAO (LDO) $ 1.11