Bitcoin on the brink of a sixth straight monthly decline… “Further downside risk still remains”

With Bitcoin (BTC) nearing a record of six consecutive monthly declines, analysts say further downside risk remains amid mounting macro headwinds.

According to crypto-focused media outlet CoinDesk on the 31st, Bitcoin is down about 1% this month, and if the month-end closing price falls below $67,300, it will mark six straight monthly declines. This would match a pattern seen only once before, from August 2018 through January 2019.

Bitcoin is currently trading around $66,600, meaning it would need to rebound by more than 1% in a short period to avoid that record.

Data show Bitcoin began falling with a 4% drop last October, followed by declines of 18% in November and 3% in December. This year, it has continued to slide, down 10% in January and 15% in February, with weakness persisting into March as well.

Markets are focusing on the fact that technical indicators still leave room for additional declines. In past bear markets, Bitcoin fell below the 200-week moving average (about $59,268) and the realized price (about $54,177) and then remained there for an extended period, but in this cycle it has yet to break below those levels.

The macro backdrop is also weighing on sentiment. With Middle East tensions keeping oil above $100 a barrel, uncertainty over monetary policy is growing, and analysts say investor sentiment is being damped further by risks related to quantum computing.

Still, some note that Bitcoin managed a modest rebound even after the Middle East conflict, suggesting that a degree of resilience is being maintained despite downside pressure.