Over the weekend, Bitcoin prices and crypto markets came under significant pressure as tensions between the US and Iran escalated. Following reports of Israel’s attack on Iran, the premier cryptocurrency fell below $64,000, dragging the rest of the market with it.
Although BTC price appears to have recovered from its conflict-induced slump, small issues remain in its broader structure. According to market experts, Bitcoin may have avoided a negative outcome after sustaining above $60,000. weekend.
BTC Price Ends February Above Pivotal Support
In a recent post on the X Platform, Certified Market Technologist Tony Severino shared his insights on the current technical outlook for Bitcoin prices as February draws to a close. According to crypto market experts, the leading cryptocurrency appears to have rebounded from a key support level around $60,000.
If Bitcoin opens below $60,000 on CME this weekend
First time in history to fall below the monthly uptrend channel – even COVID-19 did not open or close below that line
This is a pivotal moment for BTC
But if you happen to bounce, the top of the channel is now… pic.twitter.com/vHvX3DZ0vY
— Tony Severino, CMT (@TonySeverinoCMT) February 28, 2026
Severino’s analysis is based on an ascending channel pattern on the Bitcoin price chart on a monthly timeframe. An ascending channel is a technical analysis pattern characterized by two major (upward) trend lines. The upper line connects the swing high and the lower line connects the swing low.
Source: @TonySeverinoCMT on XAs seen in the chart above, assets typically trade within an ascending channel, with the upper line often acting as a barrier to further growth and the lower trend line acting as a support cushion. Investors can trade between the pattern’s support and resistance levels, or after the price breaks out (a bullish signal) or breaks down (a bearish signal).
If Bitcoin opens below $60,000 on CME this weekend
First time in history to fall below the monthly uptrend channel – even COVID-19 did not open or close below that line
This is a pivotal moment for BTC
But if you happen to bounce, the top of the channel is now… pic.twitter.com/vHvX3DZ0vY
— Tony Severino, CMT (@TonySeverinoCMT) February 28, 2026
For the market leader, price is approaching the lower trendline for much of February, suggesting a major decision is imminent. According to Severino, even during the infamous coronavirus crash of 2020, the price of Bitcoin never closed below this floor.
Unsurprisingly, the premium cryptocurrency rebounded from its support cushion around $63,000, recovering from an early weekend slump caused by the ongoing conflict between the United States, Israel, and Iran. Typically, the next target after this pullback is the midline of the channel, which could be as high as $475,000.
While historical data and patterns are often a good way to predict future market movements, Severino acknowledged that it’s actually unlikely that the price of Bitcoin will soar to $475,000. Furthermore, the current price structure remains bearish, meaning market conditions will need to improve for the flagship cryptocurrency to take advantage of this recovery.
Bitcoin price overview
As of this writing, the price of BTC is around $67,919, reflecting an increase of almost 3% over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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