Bitcoin rose about 2% in the past 24 hours to around $76,762 after reports of a potential US-Iran agreement surfaced. But technical analyst Aksel Kibar is warning that the rally may be short-lived — he sees an ascending channel pattern on the daily chart that could drag Bitcoin down to roughly $72,500.
The ascending channel
An ascending channel is a technical formation with two upward-sloping trendlines: an upper resistance line and a lower support line. Bitcoin recently tapped the upper line near $82,500, forming a swing high, and has since pulled back. Kibar says the pattern suggests a retest of the lower support around $72,500.
What Kibar is watching
If $72,500 holds, Bitcoin could bounce back toward the upper trendline above $86,000. That zone also coincides with the 365-day moving average, which Kibar expects to act as resistance. He says he’ll only enter a long position above that long-term average. If the $72,500 support breaks, the next stop could be $60,000, where a short-term reversal might form.
The US-Iran news gave Bitcoin a temporary boost, but the technical setup has traders watching the $72,500 level closely. A break below it would open the door to a deeper correction, while a hold could set up a run toward $86,000. Kibar’s stance is clear: he’s waiting for a confirmed move above the 365-day moving average before committing to longs.
