Convert these key resistance levels to support
Bitcoin bulls were struggling to get back to support at three resistance levels at the end of the week, but history shows they may have to wait another month.
Bitcoin (BTC) is fighting three key resistance levels at once, and the end of the bear market may depend on the breakout in March.
Main Receptors:
Bitcoin faces three resistance levels on the weekly chart after its mid-week gains.
Bitcoin fell by 14% in February, the fifth consecutive red month for the price of BTC.
Bitcoin bulls will test three support reversals.
Data from TradingView showed the BTC/USD pair hovering around $67,720 after rejecting the $70,000 psychological level.
An analysis of the current market structure indicates obstacles that have converged into a defensive position as shown in the chart below.
The 200-week EMA at $68,330, the old 2021 all-time high at $69,000, and the psychological level at $70,000 are holding prices back at the time of writing.
BTC failed to recapture any of these levels following Wednesday's rally to $70,040. Commenting, analyst Captain Fibic said Bitcoin needs a weekly candlestick above the 200-week EMA to maintain momentum.
If that happens, “we can expect it to go back to 80k in the coming days,” the analyst said in a recent post on X:
“I think March will be a busy month.”
According to Cointelegraph, the bear market may end if the price of BTC breaks through the 18-24-month age band at $74,500.
Bitcoin leads five consecutive months of losses.
Historical price data from CoinGlass shows that Bitcoin fell 14% in February, experiencing its fifth consecutive red month. The last time this happened was near the end of 2018 at the depth of the bear market.
“Bitcoin is approaching a rare bearish line,” Alex said in a recent post on X:
“Last time in 2018 and 2019, the streak was followed by five strong green candles and a 4x rally.”
In the year After a 57% decline between August 2018 and January 2019, Bitcoin recorded five consecutive green months, gaining 317% from $3,329 to $13,880.
If history repeats itself, a reversal could begin in April, especially as selling pressure nears exhaustion.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision. While we strive to provide accurate and up-to-date information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from reliance on this information.
