Bitcoin’s monthly losses break records, but history says a turnaround is brewing
Bitcoin is on course to lock in another negative month, but one analyst says major differences in the current market structure could be a sign of a pending trend reversal.
Bitcoin (BTC) is forming what may prove to be a fifth consecutive red monthly candle, which would be the longest losing streak since 2018. The silver lining is that data suggests that March may prove to be a profitable month for BTC.
Historical price data from CoinGlass confirms Bitcoin is now facing its fifth consecutive red month, down 15% this month after closing the previous four months in the red.
The last time this happened was in 2018, when it entered a bear market after reaching record highs in 2017.