Over the weekend, the Bitcoin worth and the crypto market witnessed vital stress amid escalating tensions between america and Iran. After reviews of Israeli strikes on Iran, the premier cryptocurrency dropped under $64,000 whereas dragging the remainder of the market together with it.
Whereas the worth of BTC appears to have recovered from the conflict-induced droop, there’s nonetheless the small concern of its broader construction. In line with a market professional, Bitcoin could have prevented a damaging consequence after holding above $60,000 over the weekend.
BTC Worth Closes February Above Pivotal Assist
In a latest publish on the X platform, Chartered Market Technician Tony Severino shared an perception into the present technical outlook of the Bitcoin worth as February got here to an in depth. In line with the crypto market professional, the flagship cryptocurrency seems to have bounced again from a vital help degree across the $60,000.
If Bitcoin opens on CME under $60,000 this weekend
It’s going to hole under the month-to-month uptrend channel for the primary time ever – not even COVID had an open or shut under the road
This can be a pivotal second for BTC
But when it occurs to bounce, the highest of the channel is at present at… pic.twitter.com/vHvX3DZ0vY
— Tony Severino, CMT (@TonySeverinoCMT) February 28, 2026
Severino’s evaluation is predicated on the ascending channel sample on the Bitcoin worth chart on the month-to-month timeframe. An ascending channel is a sample in technical evaluation marked by two main (upward-sloping) trendlines: the higher line connecting the swing highs and the decrease line connecting the swing lows.
Supply: @TonySeverinoCMT on X
As seen within the chart above, the asset normally trades inside an ascending channel, with the higher boundary line usually functioning as a barrier to additional progress and the decrease trendline serving as a help cushion. Buyers can commerce between the sample’s help and resistance ranges or after worth breaks out (bullish sign) or breaks down (bearish sign).
If Bitcoin opens on CME under $60,000 this weekend
It’s going to hole under the month-to-month uptrend channel for the primary time ever – not even COVID had an open or shut under the road
This can be a pivotal second for BTC
But when it occurs to bounce, the highest of the channel is at present at… pic.twitter.com/vHvX3DZ0vY
— Tony Severino, CMT (@TonySeverinoCMT) February 28, 2026
Out there chief’s case, the worth has been approaching the decrease trendline for almost all of February, implying {that a} main determination was imminent. In line with Severino, the Bitcoin worth has by no means closed beneath this decrease boundary, even throughout the notorious COVID crash in 2020.
Unsurprisingly, the premier cryptocurrency rebounded from the help cushion round $63,000, recovering from the early-weekend droop triggered by the continuing conflict between america, Israel, and Iran. Sometimes, the following goal after this bounce-back is the channel’s midline, which might be as excessive as $475,000.
Whereas historical data and patterns are sometimes good methods to foretell future market actions, Severino acknowledged that the possibility of the Bitcoin worth hovering to as excessive as $475,000 is certainly slim. Furthermore, the present worth construction remains to be bearish, that means that the market situations would wish to enhance for the flagship cryptocurrency to reap the benefits of this rebound.
Bitcoin Worth At A Look
As of this writing, the worth of BTC stands at round $67,919, reflecting an nearly 3% improve previously 24 hours.
The worth of BTC on the every day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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