Analysis: Bitcoin Records Fifth Consecutive Monthly Decline, $70,000 Key Resistance Level

BlockBeats News, February 27th: The Bitcoin price was resisted at the $70,000 round number mark, currently oscillating around $67,000. Technically, BTC is facing triple weekly resistance levels: the 200-week EMA (around $68,330), the 2021 all-time high of $69,000, and the $70,000 psychological level, limiting the short-term rebound space.

Since February, BTC has cumulatively fallen by about 14%, marking the fifth consecutive monthly decline, the first time such a continuous decline pattern has appeared since the late stage of the 2018 bear market. Analysis believes that if the weekly chart can effectively rise above the 200-week EMA, the bulls may regain momentum and test the $80,000 area.

Another view points out that if the price breaks through $74,500 (the 18-24 month hodler cost range), it would be seen as a significant signal of the end of the bear market. Historical data shows that after a five-month consecutive decline in 2018-2019, BTC subsequently saw five consecutive gains and recorded a over 300% increase. If the cycle repeats, the potential reversal window may point to April.