PANews February 27 News, according to Cointelegraph, Bitcoin is facing its fifth consecutive month of decline, with a 14% drop in February. The current price hovers around $67,720, constrained by resistance at the psychological level of $70,000. On the weekly chart, Bitcoin faces a triple resistance cluster, including the 200-week exponential moving average (EMA) at approximately $68,330, the 2021 all-time high of $69,000, and the $70,000 mark. Analyst Captain Faibik believes that if the weekly close is above the 200-week EMA, the market could rebound to $80,000. Additionally, breaking above the $74,500 level, which is the cost basis for 18-24 month holders, may signal the end of the bear market.
CoinGlass data shows that the last time there was a five-month consecutive decline was during the depths of the 2018 bear market. Historical patterns suggest that such rare prolonged downturns are often followed by rebounds, as seen in 2019 when five consecutive months of decline were followed by five months of gains. Market analysis indicates that as selling pressure nears exhaustion, a reversal signal could appear as early as April.
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