Over the weekend, the price of Bitcoin and the crypto market witnessed significant pressure amid the escalation of tensions between the United States and Iran. After reports of Israeli attacks on Iran, the prime minister’s cryptocurrency fell below $64,000, dragging the rest of the market.
While the price of BTC appears to have recovered from the slump caused by the conflict, there is still the small matter of its broader structure. According to a market expert, Bitcoin may avoid a negative outcome after holding more than $60,000 rest
BTC price closes above major support in February
In a recent post on Platform X, Chartered Market Technician Tony Severino provided insight into the current technical outlook for the Bitcoin price that ended in February. According to a crypto market expert, it appears that the iconic cryptocurrency has bounced back from the crucial support level around $60,000.
If Bitcoin opens below $60,000 on the CME this weekend
It will be below the monthly ascending channel for the first time – even the COVID has not opened or closed below the line.
This is an important moment for BTC
But if it does flow, the upper part of the channel is currently in… pic.twitter.com/vHvX3DZ0vY
— Tony Severino, CMT (@TonySeverinoCMT) February 28, 2026
Severino’s analysis is based on the ascending channel pattern on the Bitcoin price chart in monthly timeframes. An ascending channel is a technical analysis pattern marked by two main trend lines (up-sloping): the upper line connecting the highs of the movement and the lower line connecting the lows of the movement.
Source: @TonySeverinoCMT on X
As seen in the chart above, assets tend to trade within an ascending channel, with the upper boundary line often serving as a barrier to further growth and the lower trend line as a cushion of support. Investors can trade between support and resistance levels either after the price drops (upward signal) or breaks (downward signal).
If Bitcoin opens below $60,000 on the CME this weekend
It will be below the monthly ascending channel for the first time – even the COVID has not opened or closed below the line.
This is an important moment for BTC
But if it does flow, the upper part of the channel is currently in… pic.twitter.com/vHvX3DZ0vY
— Tony Severino, CMT (@TonySeverinoCMT) February 28, 2026
As for the market leader, the price has been close to the downtrend for most of February, meaning that an important decision is imminent. According to Severino, the price of Bitcoin has never closed below this lower boundary, even during the ugly fall of COVID in 2020.
Unsurprisingly, the prime minister’s cryptocurrency recovered from a support cushion of around $63,000, recovering from a slump earlier in the week caused by the ongoing standoff between the United States, Israel and Iran. Typically, the next target after this is a retracement to the middle line of the channel, which could be as high as $475,000.
While historical data and patterns are often good ways to predict future market movements, Severino acknowledged that the chance of Bitcoin price going above $475,000 is really slim. Moreover, the current price structure is still low, which means that market conditions will have to improve for the flagship cryptocurrency to take advantage of this recovery.
Bitcoin price at a glance
As of this writing, the price of BTC is around $67,919, reflecting an increase of about 3% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Editing process because bitcoinist is committed to delivering thoroughly researched, accurate and unbiased content. We adhere to strict sourcing standards and every page is rigorously reviewed by a team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
