Bitcoin snaps 5-month losing streak: Key BTC price levels to watch in April

9 hours ago

Bitcoin (BTC) closed March successful green, ending the longest monthly losing streak since 2018. Data suggests that the coming months whitethorn beryllium to beryllium profitable for BTC.

Key takeaways:

Bitcoin ended March 2% higher, marking the archetypal greenish monthly adjacent successful six months.
A akin streak successful 2018/2019 led to an implicit 316% BTC terms rebound implicit 5 months.
Bitcoin terms faces stiff absorption astatine $70,000-$72,000, wherever cardinal inclination lines converge.

Past multi-month downtrends were followed by 300% terms gains

Historical terms information from CoinGlass confirms Bitcoin printed its archetypal greenish monthly candle successful six months, closing March 2% higher aft 5 consecutive months of losses.

“This is simply a monolithic dose of hopium,” expert Ash Crypto said successful an X station connected Wednesday.

The expert was referring to a imaginable displacement successful momentum, which mightiness pb to a sustained recovery, arsenic seen successful erstwhile cycles.

The past clip this happened was successful 2018/2019 erstwhile BTC closed February 2019 successful green, aft six consecutive reddish months, arsenic shown successful the fig below.

This led to a reversal with implicit 300% returns the pursuing 5 months, arsenic Bitcoin recovered from the 2018 carnivore market.

“Last clip BTC dumped 6 months successful a row, it pumped the pursuing 5 months successful a enactment that came after!” trader Satoshi Flipper said successful a Wednesday station connected X.

Cryptocurrencies, Bitcoin Price, Markets, BTC Markets, Price Analysis, Market Analysis

If past repeats itself, the reversal whitethorn proceed successful April, suggesting that BTC terms whitethorn person bottomed astatine $60,000.

Bitcoin’s bullish monthly adjacent is simply a ”catalyst for caller inflows into aboriginal April,” Trader Caleb said, adding:

“April starts with momentum.”

Bitcoin has a well-established inclination for important terms swings successful April.

Since 2013, April has been a greenish period for 8 of the past 13 years, with mean returns of astir 12.2%

However, Bitcoin besides tends to determination successful the other absorption to March successful April, and this is existent for 9 retired of the past 13 years.

In caller years, Bitcoin dropped successful April aft closing March successful green, 3 retired of 4 times betwixt 2021 and 2024.

Therefore, portion the extremity of past multi-month drawdowns suggests a rebound is due, information demonstrates that BTC terms could besides slide successful April.

Watch these Bitcoin terms levels next

Data from TradingView shows BTC terms up 2.5% connected the time to commercialized astatine $68,470 arsenic the $69,000-$70,000 resistance remains successful place.

Analysts expect Bitcoin’s range-bound terms enactment to continue for longer, with important terms levels to look for successful lawsuit of a breakout.

These see the $70,000-$72,000 proviso zone, coinciding with the 50-day simple moving average (SMA), the 50-day exponential moving mean (EMA) and the 1w–1m cohort outgo basis.

This is besides wherever investors acquired approximately 650,000 BTC, marking a imaginable constituent of merchantability pressure, according to the cost-basis organisation information from Glassnode.

Breaking supra this level could spot BTC/USD revisit the $76,000 scope precocious and yet the $80,000 intelligence level.

Zooming out, trader Sheldon Diedericks said Bitcoin could “push into resistance” astatine $83,000 connected the monthly clip frame, a cardinal enactment level from April 2025. The 200-day EMA is besides adjacent to this area.

On the downside, the 200-week EMA astatine $68,300 and the 200-week SMA astatine $59,400 stay cardinal levels to watch. Below that, the adjacent large level is Bitcoin’s realized terms astir $54,000.

As Cointelegraph reported, Bitcoin’s carnivore marketplace bottommost could beryllium formed erstwhile BTC terms drops toward oregon beneath its realized price.

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