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Despite recent recovery attempts, Bitcoin is struggling to break through critical resistance levels, and upward movements remain limited for now. The leading cryptocurrency continues to trade below $70,000, a level that represents both psychological and technical resistance. Analysts suggest that the ongoing losing streak may not end in March, and the market could remain in a consolidation phase for a while longer. Historical data shows that Bitcoin is experiencing its fifth consecutive red month. Past cycles indicate that prolonged pullbacks have often been followed by strong recoveries. Therefore, while short-term caution is advised, long-term investors may see the current period as a potential accumulation opportunity.
Bitcoin Faces Three Key Resistances
According to TradingView, BTC/USD is trading in the $67,000–$68,000 range after being rejected near the $70,000 psychological level. Bitcoin currently faces three major resistances simultaneously:
- 200-week exponential moving average (EMA): $68,330
- 2021 all-time high: $69,000
- Psychological resistance: $70,000
The convergence of these levels creates a strong technical barrier, limiting upward movement. Analysts note that if Bitcoin can break above this zone, it could signal a significant strengthening of the market.
Crypto analyst Kaptan Faibik stated that Bitcoin needs a weekly close above the 200-week EMA to maintain bullish momentum. If this level is reclaimed, an $80,000 target could come back into focus. Faibik commented:
“If the weekly candle closes above the 200-week EMA, we could see a recovery toward $80,000 in the coming weeks. March could be a good month.”
Bitcoin Hits Fifth Consecutive Red Month
CoinGlass data shows that Bitcoin lost approximately 14% in February, marking its fifth straight red month—the last time this happened was during the most severe periods of the 2018 bear market. Analyst Alex notes that Bitcoin is approaching a rare losing streak, and historical patterns suggest strong rallies often follow such periods. For instance, in 2018–2019, after five consecutive down months and a roughly 57% decline, Bitcoin experienced five consecutive green months, climbing 317%. If this historical pattern repeats, selling pressure may ease, and the market could reverse starting in April. Analysts suggest that overcoming the $68,000–$70,000 resistance band could allow Bitcoin to retest levels above $74,500. Failure to break these levels may result in continued sideways movement and pressure.
Critical Weeks Ahead for Bitcoin
Bitcoin is currently trading in a technically and psychologically critical zone. Consecutive red months have made investors cautious, but history also indicates the possibility of a strong recovery. Whether Bitcoin can break the $70,000 resistance during March will be a key factor in determining its short- and medium-term direction.
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