Bitcoin, the leading cryptocurrency by market cap, has now scored a month in the green, breaking a long streak of red candles on the monthly chart.
The bulls managed to eke out a very modest 1.84% during March, which ended up being a rather volatile month.
The leading cryptocurrency was seemingly on the cusp of ending its severe downtrend in mid-March. On March 15, it reached a multi-week high of $76,013, and the bulls started eyeing the much-coveted $80,000 level. However, the momentum ended up fading relatively fast, and the cryptocurrency ended up dropping below $65,000 by the end of March.
Will the downtrend end?
The bears gained firm control of the momentum when “Uptober” ended up being a massive failure. Bitcoin did reach its current all-time high of $126,080 during that month, but it then started violently crashing.
The sell-off accelerated in November. The bulls started capitulating, with the $BTC price breaking through major psychological support levels.
The year ended on a bleak note with another red candle, and the new year brought no relief.
February was a truly brutal month with a massive red candle with a long lower wick. The price capitulated all the way down to test the $60,000 support, which so far remains the bottom of the current correction.
After grueling five consecutive months of red closures, March finally printed a small green body that resembles a doji or spinning top. However, it remains to be seen whether or not the ball is finally in the bulls’ court, given that the flagship cryptocurrency is still on rather shaky ground.
