Bitcoin Snaps Five-Month Losing Streak as Price Climbs Above $68,000

Bitcoin Breaks Losing Streak Above $68,000

On Wednesday, Bitcoin (BTC-USD) climbed above the $68,000 mark, snapping a five-month losing streak. The move is historically significant; as Compass Point analyst Ed Engel noted in a client note: "BTC has never recorded 6 consecutive monthly declines in its 17-year history,".

Market Context

Bitcoin has demonstrated more resilience than traditional equities or commodities recently. Both the S&P 500 (^GSPC) and gold (GC=F) have dropped since the Middle East war began on Feb. 28. Although the token appeared overdue for a relief rally, Engel cautioned that "blockchain data still indicates bearish flows which increases our confidence that BTC retests the $60k lows,".

He added: "March's resilience looks like a textbook relief rally within a broader crypto winter,".

Analyst Perspectives

Fundstrat head of digital assets Sean Farrell expressed similar caution. In a client video on Monday night, he stated: "I still remain measured here," adding that it is "still a good place to preserve capital, maintain dry powder, stay nimble, and look for things to change in a more conclusive direction."

Conversely, Bernstein analysts offered a more bullish outlook. Gautam Chhugani wrote last week: "Bitcoin looks bottomed,". The firm reaffirmed its $150,000 price target for the end of 2026. Chhugani pointed to investors reentering exchange-traded funds in recent weeks, noting ETFs now hold more than 6% of the supply. Additionally, digital asset treasury giant Strategy (MSTR) remains a strong buyer, currently holding at least 3.6% of total supply.

Key Takeaway

While Bitcoin has technically bottomed out its monthly decline streak, major financial institutions remain divided on whether this signals a sustained recovery or a temporary bounce within a larger downturn. Investors are advised to monitor ETF inflows and blockchain flow data closely.