John Bollinger Flags W Pattern on Bitcoin Chart After Jobs Data

Bitcoin pushed past $62,000 on July 2 after U.S. jobs data came in far below expectations, while veteran analyst John Bollinger flagged a technical formation on Bitcoin's daily chart. The Bureau of Labor Statistics reported that the U.S. economy added just 57,000 jobs last month, with the unemployment rate holding steady at 4.2% and 7.1 million people out of work. Bollinger, founder of Bollinger Bands and president of Bollinger Capital Management, pointed to a 'W' pattern forming on Bitcoin's chart following the cryptocurrency's months-long downtrend.

John Bollinger Flags W Pattern on Bitcoin Daily Chart

Bollinger flagged a 'W' pattern, also called a double bottom, forming on Bitcoin's chart. He wrote on X: "$BTC has seen a series of bullish patterns broken, evidence of the power of the downtrend. Will this 'W' be the one that breaks the trend?"

Bollinger noted the pattern's fractal nature, with smaller versions of the same shape nested within the larger one. "Here is a chart highlighting a developing 'W' pattern in $BTC," he wrote. "Note that it is perfectly fractal. There are small 'w's at the nadirs and a small 'm' at the apex."

The pattern took shape after Bitcoin suffered a series of sharp drops following a failed attempt to reclaim $82,000 in May. Bollinger also pointed traders to the weekly chart, where the entire daily correction appears to be carving out just the second leg of a far larger 'W' playing out over a longer timeframe. A breakout above the $65,000 apex would be needed to confirm the pattern.

Bitcoin Traded at $62,532 on July 3

At the time of writing on July 3, Bitcoin was trading at $62,532.

FAQ

What did John Bollinger say about Bitcoin on July 2?

John Bollinger flagged a 'W' pattern forming on Bitcoin's daily chart on July 2. He noted that Bitcoin has seen a series of bullish patterns broken and asked whether this 'W' would be the one to break the downtrend.

What were the U.S. jobs figures released on July 2?

The Bureau of Labor Statistics reported that the U.S. economy added just 57,000 jobs last month. The unemployment rate held steady at 4.2%, with 7.1 million people out of work.