In February, Bitcoin (BTC) saw its value rise significantly, jumping from $42,279 to a peak of $46,000, an increase of over 51%. This rise was met with a higher volatility and the onset of a consolidation period. The $64,000 level emerged as a strong resistance point, leading to a halting of the cryptocurrency‘s upward trajectory.
Indicators Point to Potential Bullish Continuation
Over the weekend, Bitcoin’s trend suggested it might be forming a bullish continuation pattern, commonly known as a Pennant. Facing resistance at $64,000, depicted by long wick rejection candles on the chart, BTC’s price began to move sideways. This pattern of consolidation is not only seen in Bitcoin but also reflected across major altcoins following the recent market rally.
A closer look at 4-hour BTC charts indicates that this sideways trend is occurring between two converging trend lines, hinting at a symmetrical pattern developing. Recent analyses from Coinglass reveal Bitcoin’s monthly performance from 2013 to 2024, with March’s historical returns varying, showing both gains and losses in different years.
March’s Historical Performance Mixed
The month of March has historically presented a wide range of returns for Bitcoin, from a high of +172% in 2013 to a -32.85% low in 2018. Despite these swings, the average return in March stands at +12.20%, with a median of -1.11%, suggesting a mild positive trend overall. The varied nature of past March performances indicates that they are not reliable predictors of future outcomes.
As of now, Bitcoin’s trading price has reached $62,802 and appears to be testing the upper boundary of the flag chart pattern. Should a successful breakout occur, analysts believe BTC could target higher prices, potentially reaching up to $66,655 and even $75,000, if the current bullish pattern persists.