Key takeaways:

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.

Bitcoin bulls attempt three support flips

Data from TradingView showed the
BTCUSD
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:

“I think March is going to be a bullish month.”

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.

Bitcoin heads for five straight months of losses

Historical price data from CoinGlass confirmed Bitcoin is facing its fifth consecutive red month, down 14% in February. The last time this happened was toward the end of 2018 at the depths of the bear market.

“Bitcoin is nearing a rare bearish streak,” Alex said in a recent post on X, adding:

“Last time in 2018 and 2019, the streak was followed by five strong green candles and a 4x rally.”

After a 57% decline between August 2018 and January 2019, Bitcoin then recorded five consecutive green months, gaining 317% to $13,880 from $3,329.

If history repeats, the reversal could begin in April, particularly as selling pressure nears exhaustion levels.
source: https://www.tradingview.com/news/cointelegraph:5a967965f094b:0-bitcoin-s-five-month-losing-streak-may-not-end-in-march-as-70k-caps-price/