Bitcoin faces technical pressures, heads for monthly losses

Bitcoin is facing strong technical pressure as it struggles to break through three key resistance levels at the same time, while the end of the current bear market may depend on its ability to clear these barriers during March.

Struggle with three major resistance levels

Data from TradingView showed that the BTC/USD pair was trading near $67,720 after facing rejection at the psychological $70,000 level.

Analysis of the current market structure indicates that several technical obstacles have clustered together to form a strong resistance zone, including:

the 200-week exponential moving average at $68,330

the previous all-time high from 2021 at $69,000

the psychological $70,000 level

Bitcoin failed to reclaim any of these levels after rallying to $70,040 on Wednesday.

Analyst known as Captain Faibik said the cryptocurrency needs a weekly candle close above the 200-week EMA to maintain bullish momentum. He added that if this condition is met, a rebound toward $80,000 could be expected in the coming days, noting that March may turn out to be a bullish month.

Cointelegraph previously reported that the bear market could end if Bitcoin manages to break above the average cost basis of holders in the 18–24 month age band, located around $74,500.

Five consecutive months of losses

Historical data from CoinGlass shows that Bitcoin is heading toward recording a fifth consecutive monthly loss after falling 14% during February. The last time the asset experienced a similar losing streak was at the end of 2018, during the peak of the previous bear market.

An analyst known as Alex said Bitcoin is approaching a rare bearish sequence, noting that the previous instance in 2018–2019 was followed by five strong green monthly candles and a fourfold rally.

After declining 57% between August 2018 and January 2019, Bitcoin recorded five consecutive months of gains, rising 317% from $3,329 to $13,880.

If historical patterns repeat, a trend reversal could begin in April, especially as selling pressure approaches levels that suggest market exhaustion.