BlockBeats report: On February 27, Bitcoin's price encountered resistance at the $70,000 psychological level and is currently trading around $67,000. Technically, BTC is facing triple weekly-level resistance: the 200-week EMA (approximately $68,330), the 2021 historical high of $69,000, and the $70,000 psychological barrier, limiting near-term upside potential.
Since February, BTC has declined approximately 14%, potentially marking its fifth consecutive monthly close lower—the first such streak since the late 2018 bear market. Analysts suggest that if the weekly chart can sustainably rise above the 200-week EMA, bulls may regain momentum and test the $80,000 level.
Another perspective suggests that a breakout above $74,500—the 18–24 month holding cost range—could be seen as a significant signal of the end of the bear market. Historical data shows that after five consecutive months of declines from 2018 to 2019, BTC subsequently experienced five consecutive monthly gains, posting a gain of over 300%. If this cycle repeats, the potential reversal window may point to April.