Bitcoin closes lower for the fifth consecutive month, with $70,000 becoming a key resistance level

On February 27, Bitcoin faced resistance at the $70,000 mark and is now fluctuating around $67,000. Technical analysis shows that BTC is facing triple weekly resistance levels: the 200-week EMA (approximately $68,330), the 2021 high of $69,000, and the psychological barrier at $70,000, limiting short-term rebound potential.
Since February, BTC has declined by about 14%, marking its fifth consecutive month of decline, the first time since the end of the 2018 bear market. Analysts believe that if the weekly chart can effectively break above the 200-week EMA, the bulls may regain momentum and challenge $80,000; breaking through $74,500 (the 18–24 month holding cost zone) could be seen as a signal that the bear market has ended. Historically, after five consecutive declines in 2018–2019, there was a five-week rally with gains exceeding 300%. If this cycle repeats, the potential reversal window may point to April.