Over the weekend, the Bitcoin worth and the crypto market witnessed important strain amid escalating tensions between the USA and Iran. After stories 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 accordance with a market professional, Bitcoin might have prevented a adverse final result after holding above $60,000 over the weekend.
BTC Value 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 a detailed. In accordance with the crypto market professional, the flagship cryptocurrency seems to have bounced again from a vital assist degree across the $60,000.
If Bitcoin opens on CME beneath $60,000 this weekend
It can hole beneath the month-to-month uptrend channel for the primary time ever – not even COVID had an open or shut beneath 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 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 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 assist cushion. Buyers can commerce between the sample’s assist 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 can hole beneath the month-to-month uptrend channel for the primary time ever – not even COVID had an open or shut beneath 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
Available in the market chief’s case, the worth has been approaching the decrease trendline for almost all of February, implying {that a} main determination was imminent. In accordance with Severino, the Bitcoin worth has by no means closed beneath this decrease boundary, even in the course of the notorious COVID crash in 2020.
Unsurprisingly, the premier cryptocurrency rebounded from the assist cushion round $63,000, recovering from the early-weekend droop triggered by the continued conflict between the USA, Israel, and Iran. Sometimes, the subsequent goal after this bounce-back is the channel’s midline, which could possibly be as excessive as $475,000.
Whereas historic knowledge 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 Value At A Look
As of this writing, the worth of BTC stands at round $67,919, reflecting an virtually 3% improve up to now 24 hours.
The value of BTC on the each day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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