Bitcoin staged a weekend recovery after reports of a potential U.S.–Iran agreement, but technicals suggest the rebound may be short-lived — and new buyers could be “catching a falling knife.” Chartist Aksel Kibar shared an updated daily chart on X showing BTC moving inside an ascending channel that’s been forming over the past few months. An ascending channel is defined by two upward-sloping trendlines: the upper line connects higher highs (resistance) and the lower line connects higher lows (support). Since February, Bitcoin’s price action has generally respected that structure, making higher highs and higher lows — until a recent swing high near $82,500 sparked a retracement. Key technical levels and scenarios to watch - Short-term target: Kibar’s chart points to a likely pullback toward the channel’s lower boundary around $72k–$72.5k. That’s the key support to monitor in the coming days. - Bounce scenario: If $72.5k holds, BTC could rebound toward the upper channel line. The main resistance to watch on a successful recovery sits just above $86,000, where the channel’s upper boundary converges with the 365-day moving average (MA). - Breakdown risk: Losing the $72.5k support could trigger heavier selling and extend the drop toward roughly $60,000, where Kibar expects a potential short-term reversal. - Trader’s rule: Kibar says he’d consider a long position only if price climbs above the 365-day MA — a commonly watched marker for the start of a sustainable bull market. Price now At the time of the report BTC was trading around $76,762, up about 2% in the past 24 hours. Bottom line Geopolitical headlines can quickly sway sentiment, but the current price structure points to a meaningful retracement risk in the near term. Traders should watch how BTC behaves around the $72k–$72.5k support, and whether it can clear the $86k zone and the 365-day MA to signal renewed upside. Read more AI-generated news on: undefined/news