Over the weekend, the Bitcoin worth and the crypto market witnessed vital strain amid escalating tensions between the US and Iran. After experiences of Israeli strikes on Iran, the premier cryptocurrency dropped beneath $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 challenge of its broader construction. In response to a market knowledgeable, Bitcoin might have averted a detrimental final result after holding above $60,000 over the weekend.
BTC Worth Closes February Above Pivotal Help
In a current 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 response to the crypto market knowledgeable, the flagship cryptocurrency seems to have bounced again from an important help degree across the $60,000.
If Bitcoin opens on CME beneath $60,000 this weekend
It is going to hole beneath the month-to-month uptrend channel for the primary time ever – not even COVID had an open or shut beneath the road
It is 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 relies 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 XAs seen within the chart above, the asset often trades inside an ascending channel, with the higher boundary line typically 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 beneath $60,000 this weekend
It is going to hole beneath the month-to-month uptrend channel for the primary time ever – not even COVID had an open or shut beneath the road
It is 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 response to Severino, the Bitcoin worth has by no means closed beneath this decrease boundary, even through 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 continued conflict between the US, Israel, and Iran. Sometimes, the following goal after this bounce-back is the channel’s midline, which could possibly be as excessive as $475,000.
Whereas historic information and patterns are sometimes good methods to foretell future market actions, Severino acknowledged that the prospect of the Bitcoin worth hovering to as excessive as $475,000 is certainly slim. Furthermore, the present worth construction remains to be bearish, which means that the market circumstances would want to enhance for the flagship cryptocurrency to make the most of this rebound.
Bitcoin Worth At A Look
As of this writing, the worth of BTC stands at round $67,919, reflecting an virtually 3% enhance previously 24 hours.
The worth of BTC on the each day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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