Analysis: Bitcoin faces resistance at the $70,000 level, and the five-month downtrend may be difficult to end in March

According to Cointelegraph, Bitcoin is facing its fifth consecutive month of decline, with a drop of 14%. The current price is fluctuating around $67,720, constrained by resistance at the psychological level of $70,000. Bitcoin is facing a triple resistance cluster on the weekly chart, including the 200-week Exponential Moving Average (EMA) at approximately $68,330, the historical high of $69,000 from 2021, and the $70,000 level.

Analyst Captain Faibik believes that if the weekly close is above the 200-week EMA, there is potential for a rebound to $80,000. Furthermore, breaking through the 18-24 month holder cost baseline of $74,500 could signal the end of the bear market.

CoinGlass data shows that the last time there was a consecutive five-month decline was during the depths of the bear market at the end of 2018. Historical patterns indicate that such rare consecutive decline cycles are often followed by rebounds, as seen in 2019 when there was a consecutive five-month increase after a decline. Market analysis suggests that as selling pressure approaches exhaustion, reversal signals may emerge in April.