 ▲ Bitcoin (BTC) / AI-generated image |
Bitcoin (BTC) has secured strong rebound momentum at a historic inflection point, successfully defending the lower support line of its monthly ascending channel despite escalating geopolitical tensions in the Middle East.
According to cryptocurrency media outlet Bitcoinist on March 2 (local time), Bitcoin faced intense downward pressure over the weekend, plunging below $64,000 as military tensions between the United States and Iran intensified. However, despite a temporary wave of panic selling triggered by reports of Israeli airstrikes, the price quickly recovered after confirming strong support around the $60,000 level. Market experts assessed that Bitcoin avoided the worst-case scenario and successfully entered a technical rebound zone.
Certified market analyst Tony Severino noted that Bitcoin managed to close February without breaking below the lower boundary of its ascending channel on the monthly chart. According to Severino, even during the severe market crash at the onset of the COVID-19 pandemic in 2020, Bitcoin never closed beneath this lower trendline. Had the market opened below $60,000 over the weekend, it would have marked the first time in Bitcoin’s history that it broke below its monthly uptrend line, signaling a major crisis.
An ascending channel is a pattern in which prices move between two upward-sloping trendlines connecting higher lows and higher highs, with the lower line serving as strong price support. Throughout February, Bitcoin hovered precariously near this support level but succeeded in rebounding after confirming a buy wall around $63,000. Based on historical patterns, the next target following a rebound from support would be the channel’s midline, which theoretically projects an ambitious level of $475,000.
However, Severino maintained a cautious stance, acknowledging that the likelihood of reaching $475,000 remains extremely low. He emphasized that Bitcoin’s current price structure is still under the influence of a broader downtrend, and that fundamental improvements in market conditions would be necessary to sustain a meaningful rally. Bitcoin is currently trading around $67,919, up approximately 3% over the past 24 hours, continuing its short-term recovery.
The digital asset market appears relieved by Bitcoin’s demonstrated resilience amid unexpected geopolitical risks. With technical indicators signaling a potential bottom, investors are closely watching whether Bitcoin can reclaim the $70,000 level and restore its long-term bullish trajectory. If global tensions stabilize and institutional capital inflows resume, Bitcoin may enter a new upward phase following this successful defense of support.
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