Bitcoin's Price Plunge Sparks Concerns About Six-Month Bearish Streak

Bitcoin's price has been under pressure for weeks, leading investors to wonder if a six-month bearish streak is underway. The market's focus is on whether March will close weak enough to extend the run of monthly declines.

The world's biggest cryptocurrency fell below $68,000 late last week and briefly dropped to around $65,112 on March 30 before recovering above $67,000 as Asian trading picked up. However, this rebound has not erased the larger concern that Bitcoin may be heading for a sixth straight red month.

Market analysis published in late February had already highlighted five consecutive monthly declines through February. The March close is now seen as the key hinge point for the next leg of the story.