Bitcoin Breaks Five-Month Price Decline, March Positive

Bitcoin ended March in the ‘green’, breaking its longest monthly losing streak since 2018. Data suggests that the upcoming months could prove profitable for the largest cryptocurrency. Bitcoin finished March with a two percent increase, marking its first positive monthly close in six months. A similar streak in 2018/2019 led to a price recovery of 316 percent over five months. However, the price of bitcoin faces strong resistance at $70,000.

Historical price data from CoinGlass confirms that bitcoin has confirmed its first green monthly candle in six months, closing March two percent higher after five consecutive months of losses. – This is a huge dose of hope – wrote analyst Ash Crypto in a post on X on Wednesday.

The analyst referred to a potential change in momentum, which could lead to a sustainable recovery, as seen in previous cycles. The last time this happened was in 2018/2019, when bitcoin ended February 2019 in the green after six consecutive red months. This led to a turnaround with over 300 percent growth in the following five months as bitcoin recovered from the bear market of 2018.

– The last time bitcoin fell for six months in a row, it rose for the next five months in a row! – wrote trader Satoshi Flipper in a post on X on Wednesday. If history repeats itself, the turnaround could continue into April, suggesting that the price of bitcoin may have reached a bottom of $60,000.

A bullish monthly close for bitcoin is a catalyst for new inflows in early April, said Trader Caleb. Bitcoin has a well-established tendency for significant price fluctuations in April. Since 2013, April has been a green month eight out of the past 13 years, with average returns of 12.2 percent. However, bitcoin also tends to move in the opposite direction from March in April, which has been the case for nine out of the past 13 years.

In recent years, bitcoin has fallen in April after March ended in the positive, three out of four times between 2021 and 2024. Therefore, while the end of past multi-month declines suggests that a recovery is expected, data indicates that the price of bitcoin could fall in April.