Bitcoin snaps five-month losing streak

Historical price data from CoinGlass shows that Bitcoin recorded its first positive monthly candle in six months, after closing March up 2% following five consecutive months of losses.

Analyst Ash Crypto said in a post on X on Wednesday: “This is a huge dose of hope.”

The analyst was referring to the possibility of a shift in momentum that could lead to a sustained recovery, similar to previous cycles.

The last time this occurred was during the 2018–2019 cycle, when Bitcoin closed February 2019 higher after six consecutive red monthly candles, according to historical data.

At that time, it triggered a strong trend reversal, with gains exceeding 300% over the following five months as Bitcoin recovered from the 2018 bear market.

Trader Satoshi Flipper said in a post on X on Wednesday: “The last time Bitcoin dropped for six straight months, it rallied continuously over the next five months!”

If history repeats, this reversal could continue through April, suggesting that Bitcoin may have already bottomed near the $60,000 level.

Trader Caleb said that Bitcoin’s bullish monthly close represents “a catalyst for new investment inflows at the start of April,” adding: “April begins with positive momentum.”

Bitcoin has a well-documented history of strong price volatility during April.

Since 2013, April has been a positive month for Bitcoin in eight out of 13 years, with average returns of around 12.2%.

However, Bitcoin also tends to move in the opposite direction of March during April, which has occurred in nine out of the past 13 years.

In recent years, Bitcoin declined in April after a positive March close in three out of four instances between 2021 and 2024.

Therefore, while the end of prolonged downtrends has historically pointed to the potential for a rebound, data also suggests that Bitcoin could decline during April.

Bitcoin price levels to watch

Data from TradingView shows that Bitcoin rose 2.5% during the day to trade at $68,470, while the resistance range between $69,000 and $70,000 remains intact.

Analysts expect price action to remain range-bound for some time, with key levels to watch in the event of a bullish breakout.

Among these levels is the supply zone between $70,000 and $72,000, which coincides with the 50-day simple moving average and the 50-day exponential moving average, in addition to the cost basis of investor cohorts holding Bitcoin for one week to one month.

This zone also represents the level at which investors purchased around 650,000 Bitcoin, which could act as a potential selling pressure point, according to cost basis distribution data from Glassnode.

If the price manages to break above this level, the BTC/USD pair could revisit the range high near $76,000 and potentially move toward the psychological level at $80,000.

On the broader timeframe, trader Sheldon Diedericks said that Bitcoin may be “heading toward a resistance zone” near $83,000 on the monthly timeframe, which previously acted as a key support level in April 2025, while the 200-day exponential moving average is also located near that area.

On the downside, the 200-week exponential moving average at $68,300 and the 200-week simple moving average at $59,400 remain among the key levels to watch.

If the price falls below these levels, the next major level would be Bitcoin’s realized price near $54,000.

Cointelegraph had previously reported that a bear market bottom for Bitcoin could form when the price drops to or below its realized price.