Analysis: Bitcoin ends a five-month losing streak and rebounds; the key level for bulls and bears in April may be around $70,000.

Bitcoin closed up about 2% in March, ending a five-month losing streak and marking its first positive close after the longest losing streak since 2018. The market is focused on this trend reversal signal. Historical data shows that similar rebounds after months of decline are often accompanied by strong rallies. In 2019, a similar rally of about 300% occurred after a continuous decline, leading some analysts to believe that this round may have bottomed out around $60,000. However, seasonal patterns show a divergence in April's trend: since 2013, April has mostly seen gains, but in recent years, after a March gain, the probability of a April reversal has increased, leaving the short-term direction uncertain. In terms of price, BTC is currently trading around $68,000, with $69,000 to $70,000 forming a key resistance zone. Further upside potential lies in the $70,000 to $72,000 supply zone. A successful breakout could lead to $76,000 or even $80,000; conversely, if it fails to break through, the market may continue its range-bound trading pattern. (Cointelegraph)