Bitcoin Price Faces $70K Resistance as Five Month Losing Streak Deepens

Bitcoin is struggling to regain upward momentum as it trades below a critical cluster of resistance levels near $70k. After briefly touching $70,040 midweek, the BTC was rejected and hovered around $67,700, signaling that sellers remain active at higher levels.

Three technical barriers are currently limiting the rebound: the 200 week exponential moving average near $68,330, the previous 2021 all time high around $69k, and the psychological resistance at $70k. A decisive weekly close above the 200-week EMA is widely viewed by market analysts as essential for confirming renewed bullish momentum. Without that move, upside attempts may continue to stall.

Five Consecutive Red Months Raise Bear Market Concerns

Bitcoin is down roughly 14% in February, marking its fifth straight monthly decline. The last comparable streak occurred in late 2018 during a prolonged bear market phase. Historical data shows that after a similar five-month downturn between August 2018 and January 2019, Bitcoin rebounded sharply, gaining more than 300% over the following months.

Some analysts suggest that if selling pressure weakens and resistance levels are cleared, a stronger recovery phase could begin in April. However, until key price thresholds are reclaimed, Bitcoin remains technically constrained beneath major long-term resistance.

 Analyst Alek said in a recent post on X;

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.