Bitcoin (BTC-USD) hovered around $67,200 on Tuesday, on the brink of either snapping a five-month losing streak or extending losses for the longest period in the token’s history.
“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) has declined roughly 6% over the past month, while gold (GC=F) has dropped about 10%.
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.
Read more about bitcoin’s moves and today’s market action.
Fundstrat head of digital assets Sean Farrell has also remained unconvinced of 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 $150,00 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.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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