Bitcoin Continues Slide Below $66K as US/Israel/Iran Conflict Enters Day 3 – BTC TA March 2, 2026

There is no respite for the Bitcoin price as the Middle Eastern conflict enters day 3. Bitcoin is holding up for now, but if the strikes continue for the next few days a potential pulling out of liquidity could force the king of cryptocurrencies into the next leg down of the bear market.

Lower high confirms downward slide

Source: TradingView

The channel that the $BTC price has been in since early February is continuing to extend sideways and slightly downward. A series of lower highs and lower lows was interrupted at the weekend, as a slightly higher low was recorded. However, this was undone by another lower high from the rebound.

For this current corrective phase, if that’s what it is, it will be very important for the bulls to hold the bottom of the channel, which is likely to correspond with the $62,800 horizontal support level.

A confirmed drop below here would probably send the price down past the $60,000 local low to around $55,000 - not far from the $53,000 measured move out of the bear flag.

Flag inclines in the wrong direction for bears

Source: TradingView

Moving out into the daily time frame it can be seen that if only the current channel was inclined upward instead of downward it would be a textbook bear flag and it would just be a case of waiting for a continuation of the bearish reversal.

As things stand, the channel is inclined downward, and therefore from a TA perspective the price is more likely to break to the upside than the downside. It just remains to be seen: is this a bottoming process that is playing out, or will one more leg to the downside lead to the full extent of this bear market?

Extension of falling wedge pattern?

Source: TradingView

Zooming out into the weekly time frame it can be noted that the huge falling wedge pattern can be extended out a lot further, which helps to enclose the recent price action. If this is indeed the right pattern, it would be expected that the price breaks out to the upside before getting to the bottom. 

Generally, the $BTC price breaks out of patterns like these about two thirds of the way along. This would perhaps suggest that $60,000 was the bottom. That said, it doesn’t mean that the price will just break out of the wedge and head higher straight away. Bitcoin bear markets tend to grind along the bottom for a few months first. Also, when all are thinking that the bottom is behind them, the price will come back down to make a double bottom. This has happened in every bear market so far.

$1 million and beyond, or zero?

If you are a Bitcoin investor, the main takeaway here is that a bottom is forming. It can take a lot longer for this process to complete, and it can be a bumpy ride, but if you have conviction you just need to wait it out.

For those who thought they had missed their chance to get into Bitcoin when the price was up at $126,000, we are now at around half of this. If Bitcoin continues to do what it’s been doing for the last 17 years it will just be a case of price averaging and remaining patient. 

As it has been said, Bitcoin is either going to $1 million and beyond, or it is going to zero. How the $BTC price reacts to this bear market could give us an idea of which particular scenario is more likely to play out.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.