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Bitcoin (BTC), the leading cryptocurrency, and other digital assets such as XRP (Ripple), which had plunged over the weekend due to geopolitical tensions stemming from the Middle East, have successfully rebounded on signs of diplomatic thawing between the United States and Iran. However, a potentially devastating bearish chart pattern suggesting a سقوط to as low as $52,000 has been detected, heightening investor anxiety.
According to investment media outlet FXEmpire on March 2 (local time), Bitcoin, which had tumbled to around $63,000 over the weekend, recovered approximately 2% on bargain buying and reclaimed the $67,000 level. The dramatic turnaround came after U.S. President Donald Trump indicated that sanctions relief could be considered if Iran’s new leadership proves pragmatic, while reports emerged that Iran, through Omani mediators, had sounded out the possibility of resuming talks with the United States, easing fears of further escalation.
Nonetheless, the broader global asset market remains on edge. Although oil and gold prices have retreated somewhat from intraday highs, they remain elevated due to concerns over supply shocks and safe-haven demand, leaving Bitcoin’s rebound vulnerable to a renewed wave of risk-off sentiment at any time.
Market attention is now focused on key U.S. economic data releases that could swiftly reshape interest rate expectations ahead of the Federal Reserve’s monetary policy meeting scheduled for March 17–18. Beginning with Monday’s ISM manufacturing index, followed by Wednesday’s ADP private employment report and services index, and culminating in Friday’s nonfarm payrolls (NFP) report—which directly impacts Treasury yields and the U.S. dollar—a series of major indicators are set to be released. As a high-beta liquidity-sensitive asset, Bitcoin may find it increasingly difficult to sustain its rally if the data come in stronger than expected.
Most notably, the technical outlook is concerning. Bitcoin’s recent rebound is unfolding within a bearish pennant pattern formed on the daily chart after a sharp decline from the $73,000–$74,000 range to a low of $63,000. This volatility-contraction pattern typically carries a higher probability of breaking downward in line with the preceding downtrend.
Analysts warn that Bitcoin could continue moving sideways this week within a range between the $63,000 support level and the $67,000–$69,000 resistance zone. However, once the pattern completes, the likelihood of a structural downside breakout increases significantly. Based on the prior downward move, the projected target stands near $52,000, aligning with a key chart support level at $51,865.
Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. The publisher is not responsible for any investment losses incurred based on this content.