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Bitcoin on track to snap 5-month losing streak
Bitcoin (BTC-USD) hovered around $68,000 on Tuesday, on pace to narrowly snap a five-month losing streak.
"BTC has never recorded 6 consecutive monthly declines in its 17-year history," Compass Point analyst Ed Engel wrote.
After declining for five straight months from October to February, bitcoin was trading within 1% of February's $67,000 closing price, the analyst noted.
Bitcoin has shown more resilience than equities, as the S&P 500 (^GSPC) and gold (GC=F) both dropped since the Middle East war began on Feb. 28.
Although the token seemed overdue for a relief rally, "blockchain data still indicates bearish flows which increases our confidence that BTC retests the $60k lows," Engel wrote.
"March's resilience looks like a textbook relief rally within a broader crypto winter," he added.
Fundstrat head of digital assets Sean Farrell is also unconvinced by bitcoin's recent resilience.
"I still remain measured here," Farrell said in a client video on Monday night. "I think it's still a good place to preserve capital, maintain dry powder, stay nimble, and look for things to change in a more conclusive direction."
Meanwhile, Bernstein analysts recently noted that the token may finally have reached a low point.
"Bitcoin looks bottomed," Bernstein analyst Gautam Chhugani wrote in a note last week. The firm reaffirmed its $150,000 price target for the end of 2026.
The analyst pointed to investors reentering into exchange-traded funds in recent weeks, as ETFs now hold more than 6% of the supply. Digital asset treasury giant Strategy (MSTR) has also remained a strong buyer, currently holding at least 3.6% of total supply.
This article has been published in yahoo.com via Yahoo News.
Bitcoin snaps 5-month losing streak
Bitcoin's March resilience may have been a relief rally within a broader crypto winter, according to Compass Point analyst Ed Engel.
finance.yahoo.com
