Over the weekend, the Bitcoin price and the crypto market witnessed significant pressure amid escalating tensions between the United States and Iran. After reports of Israeli strikes on Iran, the premier cryptocurrency dropped below $64,000 while dragging the rest of the market along with it.
BTC Price Closes February Above Pivotal SupportIf Bitcoin opens on CME below $60,000 this weekend
It will gap below the monthly uptrend channel for the first time ever – not even COVID had an open or close below the line
This is a pivotal moment for BTC
Severino’s analysis is based on the ascending channel pattern on the Bitcoin price chart on the monthly timeframe. An ascending channel is a pattern in technical analysis marked by two major (upward-sloping) trendlines: the upper line connecting the swing highs and the lower line connecting the swing lows.
If Bitcoin opens on CME below $60,000 this weekend
It will gap below the monthly uptrend channel for the first time ever – not even COVID had an open or close below the line
This is a pivotal moment for BTC
In the market leader’s case, the price has been approaching the lower trendline for the majority of February, implying that a major decision was imminent. According to Severino, the Bitcoin price has never closed beneath this lower boundary, even during the infamous COVID crash in 2020.
Unsurprisingly, the premier cryptocurrency rebounded from the support cushion around $63,000, recovering from the early-weekend slump triggered by the ongoing clash between the United States, Israel, and Iran. Typically, the next target after this bounce-back is the channel’s midline, which could be as high as $475,000.
Bitcoin Price At A GlanceAs of this writing, the price of BTC stands at around $67,919, reflecting an almost 3% increase in the past 24 hours.
