Bitcoin (BTC) has wrapped up February with its fifth straight monthly loss, marking only the second time in its history that the leading cryptocurrency has printed five consecutive red candles on the monthly chart.
Upside Call Options SurgeThe latest decline saw Bitcoin fall to around $63,000 last Saturday, representing a roughly 15% drop for the month of February. However, the start of March has brought a modest rebound.
The asset opened the first week of the month at $68,600, posting gains of just over 3% as it attempts to reclaim the $70,000 level, which has continuously acted as a significant resistance barrier over the past several weeks.
Despite ongoing geopolitical tensions in the Middle East, market participants appear relatively composed. Markus Thielen, head of research at 10x Research, said traders do not anticipate the Iran conflict causing major economic disruption.
In that earlier cycle, the asset went on to print six consecutive monthly losses. What followed was a sharp reversal: five straight green candles and a 308% surge, with Bitcoin climbing from roughly $3,400 to $14,000.
Market Watchers Split On Bitcoin OutlookA comparable 300% advance from current trading levels would imply a potential move toward $272,000. Such a projection, however, depends on whether the recent lows ultimately prove to be the final bottom of this correction.
He identified $65,000—previously an all-time high—as the first key level, noting that the price has already revisited that zone. For those who subscribe to the thesis that former highs often turn into support, he suggested that the opportunity may already be present.
It helped contain the sharp selloff during the 2020 COVID-19 crash, marked the absolute low in 2018, and was tested multiple times in 2015 without ever closing below it every week.
Because of this track record, the 200-week moving average has been widely regarded as one of the most reliable long-term accumulation zones in Bitcoin’s history.
Featured image from OpenArt, chart from TradingView.com
