TradingView data shows that if the price of Bitcoin stays above February’s close of $61,130, the chart could show its seventh straight monthly green candle at the end of March. It would be the first time that Bitcoin’s price went up for seven months in a row. As of March 2021, Bitcoin had gone up 445% from $10,781 to $58,783. That was the last time the Bitcoin chart showed six monthly green candles. After the sixth monthly close in the green, the price of Bitcoin dropped 40% over the next three months, from $58,790 to $35,037.
Bitcoin’s Latest Trends
As of 4:30 pm UTC, the price of Bitcoin had dropped 6.1% in the past week, to $64,177. The first coin is up more than 25% month-to-month. Crypto analyst Rekt Capital wrote in a March 22 X post that Bitcoin is still in the pre-halving correction zone based on past chart patterns: “Bitcoin is still firmly in the “Danger Zone,” which is where historical Pre-Halving Retraces happen (orange).” So, anything bad could still happen in the 26 days or so until the split.
People are buying the dip, even though spot BitcoinETFs are selling off more, according to a post on March 22 by Willy Woo, a Bitcoin expert and managing partner at CMCC Crest. Woo wrote: “ETF buyers don’t know what they’re doing. During the first dip, $1.6 billion left ETFs, while $1.1 billion came into the Bitcoin network. What this means is that a lot of self-custody investors bought low.”
