Crypto: Bitcoin’s Five-month Losing Streak May Not End In March As $70k...

Bitcoin bulls were battling to flip three resistance levels back into support by the end of the week, but history shows they may need to wait another month.

Bitcoin (BTC) is battling three key resistance levels at once, and the end of the bear market may depend on breaking them in March.

Bitcoin still faces three resistance levels on the weekly chart after its midweek gains.

Bitcoin is down 14% in February, the fifth consecutive red month for BTC price.

Data from TradingView showed the BTC/USD pair hovering around $67,720 after being rejected by the $70,000 psychological level.

An analysis of the current market structure points to a cluster 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 old 2021 all-time high at $69,000, and the psychological level at $70,000 are capping the price rebound at the time of writing.

BTC failed to reclaim any of these levels following its climb to $70,040 on Wednesday. Commenting, analyst Captain Faibik said that Bitcoin needs a weekly candlestick close above the 200-week EMA for the bulls to maintain momentum.

If this happens, “we can then expect a bounce back toward 80k in the coming days,” the analyst said in a recent post on X, adding:

As Cointelegraph reported, the bear market may end if the BTC price breaks above the cost basis of the 18-24-month age band at $74,500.

Source: CoinTelegraph