After a terrible start to the weekend, the Bitcoin price jumped back to life on the back of news of a potential agreement between the United States and Iran. However, ignoring the potential impact of fresh geopolitical news or events, the current price structure<\/a> suggests that new investors would be catching a falling knife. According to a chart highlighted on the X platform, the Bitcoin price appears bound for a drop to around $72,000, at least in the short term.<\/p>\n Prominent chartist Aksel Kibar took to the social media platform X to share<\/a> an interesting layout of the Bitcoin price, suggesting the coin might be on its way down to around $72,500. This highlighted chart shows the formation of an ascending channel on the BTC daily timeframe over the past few months.<\/p>\n For context, an ascending channel is a technical analysis pattern characterized by two major (upward-sloping) trendlines: the upper line connecting the higher highs and the lower line connecting the higher lows. Within this framework, the upper boundary acts as resistance while the lower trendline provides a support cushion to the asset\u2019s price (i.e., Bitcoin price).<\/p>\n Typically, an ascending channel shows the persistence of an upward trend, with the Bitcoin price forming multiple higher highs and higher lows since February. However, the premier cryptocurrency recently formed a swing high around $82,500 and is currently undergoing a retracement<\/a> that could see its value fall to as low as $72,500.<\/p>\n What to watch is what happens at the lower boundary if the Bitcoin price does fall to $72,500 over the next few days. On an optimistic note, the flagship cryptocurrency could bounce back and forge back towards the upper trendline if this highlighted support level holds strong.<\/p>\n In this case, the resistance region to watch would be just above $86,000, where there would likely be a confluence of the 365-day moving average and the upper boundary line. The market leader could enjoy further significant upside if the Bitcoin price breaks above this resistance region.<\/p>\n However, there is also a chance that the BTC price could lose<\/a> the $72,500 support, which could trigger a wave of bearish pressure. If this scenario plays out, the premier cryptocurrency could fall as low as $60,000, where Kibar thinks a short-term reversal could form.<\/p>\n In any case, Kibar noted that he would only consider entering a long position above the 365-day moving average, a major indicator of the start of a bull market.<\/p>\n As of this writing, the price of BTC stands at around $76,762, reflecting a 2% jump in the past 24 hours.<\/p>\n Featured image from iStock, chart from TradingView<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" After a terrible start to the weekend, the Bitcoin price jumped back to life on the back of news of a potential agreement between the United States and Iran. However, ignoring the potential impact of fresh geopolitical news or events, the current price structure suggests that new investors would be catching a falling knife. According […]<\/p>\n","protected":false},"author":2,"featured_media":415968,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-428301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/428301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=428301"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/428301\/revisions"}],"predecessor-version":[{"id":428302,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/428301\/revisions\/428302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/415968"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=428301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=428301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=428301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BTC Price Trading In Ascending Channel Pattern<\/strong><\/h2>\n
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