at the same time, and the end of the bear market may depend on breaking them in March.
Key takeaways:
Bitcoin still faces three levels of resistance on the weekly chart after its midweek gains.
Bitcoin fell 14% in February, the fifth consecutive month of decline for the price of BTC.
Bitcoin bulls are attempting three support reversals
TradingView data showed that the BTC/USD pair was hovering around $67,720 after being rejected by the psychological level of $70,000.
An analysis of the current market structure points to a clustering of barriers that have merged into a resistance area, as shown in the chart below.
The 200-week exponential moving average (EMA) at $68,330, the former all-time high of 2021 at $69,000, and the psychological level at $70,000 are currently limiting the price rebound at the time of writing.
BTC has failed to recover any of these levels after its rise to $70,040 on Wednesday. Commenting, analyst Captain Faibik said that Bitcoin needs a weekly candle close above the 200-week EMA for the bulls to maintain momentum.
If this happens, “we can then expect a return towards 80k in the coming days,” said the analyst in a recent post on X, adding:
“I think March is going to be a bullish month.”
As reported by Cointelegraph, the bear market could end if the BTC price surpasses the cost base of the 18 to 24-month age range at $74,500.
Bitcoin is heading for five consecutive months of losses
Historical price data from CoinGlass confirmed that Bitcoin is facing its fifth consecutive red month, with a 14% drop in February. The last time this happened was in late 2018, at the depths of the bear market.
“Bitcoin is approaching a rare sequence of declines,” Alex said in a recent post on X, adding:
“The last time in 2018 and 2019, the sequence was followed by five strong green candles and a 4x rally.”
Monthly percentage returns of Bitcoin. Source: CoinGlass
After a 57% drop between August 2018 and January 2019, Bitcoin then recorded five consecutive months of gains, rising 317% to $13,880 from $3,329.
If history repeats itself, the reversal may begin in April, particularly as selling pressure approaches exhaustion levels.