Bitcoin appears to be in a critical phase after a significant dr

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1. Initial Drop: The price fell sharply from the "Rising Wedge" pattern, reaching a low point around $48,952.80 (marked as '1' on the chart).
   
2. First Rebound: After hitting this low, the price rebounded strongly, forming the first part of the potential double bottom.
   
3. Second Drop: The price has now declined again, approaching the previous low level. This forms the second part of the potential double bottom pattern.
   
4. Key Support Level: The $48,952.80 level is acting as a crucial support. If this level holds during the second test, it could confirm the double bottom pattern.
   
5. Potential Reversal: If the double bottom pattern is confirmed (i.e., the price bounces off this support level again), it could signal a potential trend reversal from bearish to bullish.
   
6. Volume: It's important to watch the trading volume during this second test of the support. Ideally, the volume should be lower on the second drop compared to the first, which would indicate diminishing selling pressure.
   
7. Fibonacci Levels: The chart shows Fibonacci retracement levels. If the price rebounds from the current level, the 0.618 ($57,091.89) and 0.5 ($59,606.05) levels could act as resistance on the way up.
   
8. Confirmation: For a true double bottom to be confirmed, the price would need to break above the peak between the two bottoms, which appears to be around the $62,000 level.