Bitcoin Could Test $72.5K Support, Chartist Says, Citing Ascending Channel Pattern
A technical analyst highlighted a daily ascending channel formation on Bitcoin's chart, suggesting BTC may decline to around $72,500 in the near term before rebounding. The pattern shows higher highs and higher lows since February, with the lower trendline acting as key support.
Key Takeaways
- 1## Ascending Channel Pattern on Daily Chart Prominent chartist Aksel Kibar posted a Bitcoin price chart to X showing the formation of an ascending channel on the daily timeframe over recent months.
- 2In technical analysis, an ascending channel is formed by two upward-sloping trendlines: the upper line connects successive higher highs and acts as resistance, while the lower line connects higher lows and provides support.
- 3Bitcoin has traced multiple higher highs and higher lows since February, consistent with the ascending channel framework.
- 4## Projected Support Level Kibar's analysis suggests Bitcoin may test the lower boundary of this channel around $72,500 in the short term, barring the influence of external geopolitical or macro events.
- 5The chartist implies that new buyers entering at current levels risk "catching a falling knife" — a colloquial term for buying an asset before it has finished declining.
Ascending Channel Pattern on Daily Chart
Prominent chartist Aksel Kibar posted a Bitcoin price chart to X showing the formation of an ascending channel on the daily timeframe over recent months. In technical analysis, an ascending channel is formed by two upward-sloping trendlines: the upper line connects successive higher highs and acts as resistance, while the lower line connects higher lows and provides support. Bitcoin has traced multiple higher highs and higher lows since February, consistent with the ascending channel framework.
Projected Support Level
Kibar's analysis suggests Bitcoin may test the lower boundary of this channel around $72,500 in the short term, barring the influence of external geopolitical or macro events. The chartist implies that new buyers entering at current levels risk "catching a falling knife" — a colloquial term for buying an asset before it has finished declining. Bitcoin did rise over the weekend following reports of a potential U.S.-Iran agreement, but the underlying chart structure indicates that technical support levels remain the primary driver for near-term price action once sentiment-driven moves fade.
Technical Context
Ascending channels typically reflect persistent upward trends with periodic pullbacks to the support line. If Bitcoin respects the lower trendline at $72,500 and rebounds, the pattern would remain intact. A break below that level would signal weakness and potentially signal a shift to a different market structure, though such a scenario is not addressed in the highlighted analysis.
Why It Matters
For Traders
If the $72.5K level holds as support on a breakdown, it becomes a tactical entry or stop-loss reference for short-term positioning over the next 48-72 hours.
For Investors
Single technical analyst charts carry low predictive power; longer-term holders should focus on on-chain fundamentals and macro drivers rather than daily channel formations.
For Builders
This story has no direct bearing on protocol development, infrastructure, or on-chain activity; it reflects pure price speculation.
