Analysis: Bitcoin faces resistance at the $70,000 mark, and its five-month losing streak may not end in March.

PANews reported on February 27th, citing Cointelegraph, that Bitcoin is facing its fifth consecutive month of decline, with a 14% drop in February. The price is currently fluctuating around $67,720, facing resistance at the psychological level of $70,000. Bitcoin faces a triple resistance cluster on the weekly chart, including the 200-week exponential moving average (EMA) around $68,330, the all-time high of $69,000 in 2021, and the $70,000 mark. Analyst Captain Faibik believes that if the weekly chart closes above the 200-week EMA, a rebound to $80,000 is possible. Furthermore, a break above the 18-24 month holder cost baseline of $74,500 could signal the end of the bear market.

CoinGlass data shows that the last time five consecutive months of decline occurred was at the end of 2018, deep within a bear market. Historical patterns indicate that such rare periods of consecutive declines are often followed by rebounds, such as the five consecutive months of gains that followed a period of declines in 2019. Market analysts suggest that reversal signals may emerge in April as selling pressure nears exhaustion.