Bitcoin prices and cryptocurrency markets came under significant pressure over the weekend as tensions between the United States and Iran escalated. The top cryptocurrency fell below $64,000 after reports emerged that Israel had attacked Iran, pulling the rest of the market with it.
While the BTC price appears to have recovered from the conflict-induced slump, small issues still remain with BTC’s broader structure. According to market experts, Bitcoin may have avoided a negative outcome after holding more than $60,000. weekend.
BTC price closes February above critical support
In a recent post on the X Platform, Chartered Market Technician Tony Severino shared insights on the current technical outlook for Bitcoin price as February approaches. According to cryptocurrency market experts, the flagship cryptocurrency appears to have rebounded from a critical support level around $60,000.
If Bitcoin opens below $60,000 on CME this weekend
For the first time ever, there is a gap below the monthly uptrend channel. Even COVID-19 didn’t open or close below the line.
This is a pivotal moment for BTC
However, if it bounces, the top of the current channel is… pic.twitter.com/vHvX3DZ0vY
— Tony Severino, CMT (@TonySeverinoCMT) February 28, 2026
Severino’s analysis is based on the rising channel pattern on the monthly Bitcoin price chart. A rising channel is a pattern in technical analysis that is represented by two main (upward) trend lines: the upper line connecting the swing highs and the lower line connecting the swing lows.
Source: @TonySeverinoCMT on XAs you can see in the chart above, the asset typically trades within a rising channel, with the upper boundary often acting as a barrier to further growth and the lower trendline acting as a support cushion. Investors can trade between the pattern’s support and resistance levels or after the price breaks (a bullish signal) or declines (a bearish signal).
If Bitcoin opens below $60,000 on CME this weekend
For the first time ever, there is a gap below the monthly uptrend channel. Even COVID-19 didn’t open or close below the line.
This is a pivotal moment for BTC
However, if it bounces, the top of the current channel is… pic.twitter.com/vHvX3DZ0vY
— Tony Severino, CMT (@TonySeverinoCMT) February 28, 2026
For the market leaders, prices have been approaching the lower trend line for most of February, suggesting an important decision is imminent. According to Severino, the Bitcoin price has never closed below this lower limit, even during the infamous coronavirus crisis in 2020.
Unsurprisingly, the top cryptocurrency bounced back from its support cushion of around $63,000, recovering from an early weekend slump triggered by ongoing clashes between the US, Israel and Iran. Typically, the next target after such a bounce is the channel’s midline, which could reach as high as $475,000.
Past data and patterns are often a good way to predict future market movements, but Severino acknowledged that the chances of the Bitcoin price soaring to $475,000 are actually slim. Moreover, the current pricing structure remains weak. This means that market conditions will need to improve for the flagship cryptocurrency to take advantage of this rebound.
Bitcoin price at a glance
As of this writing, the BTC price is around $67,919, up nearly 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
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