Bitcoin Struggles with Resistance as Losing Streak Continues
- Bitcoin (BTC) is currently priced around $67,720, facing resistance at $68,330 (200-week EMA), $69,000 (2021 all-time high), and $70,000.
- In February, Bitcoin has declined by 14%, marking its fifth consecutive month of losses.
- Analyst Captain Faibik indicated that a weekly close above the $68,330 level is crucial for bullish momentum.
- Historical data shows that Bitcoin’s last five-month losing streak occurred in late 2018 before a significant recovery.
- If past trends hold true, a potential reversal could begin in April as selling pressure diminishes.
The current market conditions indicate that Bitcoin must overcome multiple resistance levels to signal a shift from the ongoing bear market. With February’s decline of 14%, traders are closely monitoring price movements for any signs of recovery.
As Bitcoin continues its struggle below key resistance levels, it remains to be seen if the trend will reverse following this prolonged downturn.(Source)
