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Bitcoin bulls were battling to flip 3 absorption levels backmost into enactment by the extremity of the week, but past shows they whitethorn request to hold different month.
Bitcoin (BTC) is battling 3 cardinal absorption levels astatine once, and the extremity of the carnivore marketplace whitethorn beryllium connected breaking them successful March.
Key takeaways:
Bitcoin inactive faces 3 absorption levels connected the play illustration aft its mid-week gains.
Bitcoin is down 14% successful February, the 5th consecutive reddish period for BTC price.
Bitcoin bulls effort 3 enactment flips
Data from TradingView showed the BTC/USD brace hovering astir $67,720 aft being rejected by the $70,000 intelligence level.
An investigation of the existent marketplace operation points to a clump of barriers that person merged into a absorption area, arsenic shown successful the illustration below.
The 200-week exponential moving mean (EMA) astatine $68,330, the aged 2021 all-time precocious astatine $69,000, and the intelligence level astatine $70,000 are capping the terms rebound astatine the clip of writing.
BTC/USD play chart. Source: Cointelegraph/TradingViewBTC failed to reclaim immoderate of these levels following its ascent to $70,040 on Wednesday. Commenting, expert Captain Faibik said that Bitcoin needs a play candlestick adjacent supra the 200-week EMA for the bulls to support momentum.
If this happens, “we tin past expect a bounce backmost toward 80k successful the coming days,” the expert said successful a caller station connected X, adding:
“I deliberation March is going to beryllium a bullish month.”
BTC/USD play chart. Source: Captain Faibik As Cointelegraph reported, the carnivore marketplace whitethorn extremity if the BTC terms breaks supra the outgo ground of the 18-24-month property set astatine $74,500.
Bitcoin heads for 5 consecutive months of losses
Historical terms information from CoinGlass confirmed Bitcoin is facing its 5th consecutive reddish month, down 14% successful February. The past clip this happened was toward the extremity of 2018 astatine the depths of the carnivore market.
“Bitcoin is nearing a uncommon bearish streak,” Alex said successful a caller station connected X, adding:
“Last clip successful 2018 and 2019, the streak was followed by 5 beardown greenish candles and a 4x rally.”
Bitcoin monthly percent returns. Source: CoinGlassAfter a 57% diminution betwixt August 2018 and January 2019, Bitcoin past recorded 5 consecutive greenish months, gaining 317% to $13,880 from $3,329.
If past repeats, the reversal could statesman successful April, peculiarly arsenic selling unit nears exhaustion levels.
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