PiCK

[Analysis] “Bitcoin at risk of a fifth straight monthly decline…worst bear market since 2018”

Uk Jin

Summary

It said that if Bitcoin (BTC) ends this month in the red, it could mark five consecutive monthly declines, the longest bearish stretch since 2018.
Bitcoin was up 0.18% day on day to $68,908, about 52% below its all-time high, it noted.
It added that Bitcoin is down about 14% so far in February, and that continued long-position liquidations in the derivatives market are keeping selling pressure elevated.

Bitcoin (BTC) is facing the possibility of closing lower for a fifth consecutive month. If it materializes, it would mark the longest losing streak since the 2018 bear market.

As of 10:30 a.m. KST on the 17th, Bitcoin was up 0.18% from the previous day at $68,908. That is about 52% below its all-time high (around $125,000) set in October last year.

Decrypt, a digital-asset news outlet, said, “If Bitcoin ends this month lower, it would post a monthly decline for five consecutive months,” adding, “That would be the longest stretch since the six straight monthly declines in 2018.”

It also noted, “Since the start of February, Bitcoin has fallen about 14%, and the total crypto market capitalization is around $2.33 trillion, down 1.33% over the past 24 hours.”

Decrypt pointed to an expansion in liquidations in the derivatives market as a key source of market jitters. The outlet explained, “Since Jan. 12, without exception, daily liquidations of long positions have exceeded those of short positions,” adding, “This shows selling pressure remains in place.”

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