Analysis: Bitcoin Ends Five-Month Losing Streak and Turns Positive; April's Key Bull-Bear Range May Lock in Around $70,000

Odaily News Bitcoin closed March with a gain of approximately 2%, ending a five-month consecutive decline. This marks the first positive close following the longest losing streak since 2018, drawing market attention to potential trend reversal signals. Historical data indicates that similar turnarounds after multiple months of decline are often accompanied by strong rebounds. For instance, following a prolonged decline in 2019, Bitcoin experienced a rally of around 300%. Some analysts suggest the current cycle may have found a temporary bottom near the $60,000 level.

However, seasonal patterns show diverging trends for April: While April has historically been a positive month more often than not since 2013, recent years have seen an increased probability of a downturn in April following a positive March close, leaving the short-term direction uncertain. On the price front, BTC is currently trading around $68,000. The key resistance zone lies between $69,000 and $70,000, with the supply zone further above between $70,000 and $72,000. A decisive break above this area could pave the way for a test of $76,000 or even $80,000. Conversely, failure to overcome this resistance may lead to a continuation of the consolidation phase. (Cointelegraph)