Bitcoin (BTC-USD) rose above $68,000 on Tuesday, snapping a five-month losing streak.
“BTC has never recorded 6 consecutive monthly declines in its 17-year history,” Compass Point analyst Ed Engel wrote in a note to clients.
Bitcoin has shown more resilience than equities, as the S&P 500 (^GSPC) and gold (GC=F) both dropped since the Middle East war began on Feb. 28.
Although the token seemed overdue for a relief rally, “blockchain data still indicates bearish flows which increases our confidence that BTC retests the $60k lows,” Engel wrote.
“March’s resilience looks like a textbook relief rally within a broader crypto winter,” he added.
Read more: How to invest in cryptocurrency: A beginner’s guide
Fundstrat head of digital assets Sean Farrell is also unconvinced by bitcoin’s recent resilience.
“I still remain measured here,” Farrell said in a client video on Monday night. “I think it’s still a good place to preserve capital, maintain dry powder, stay nimble, and look for things to change in a more conclusive direction.”
Meanwhile, Bernstein analysts recently noted that the token may finally have reached a low point.
“Bitcoin looks bottomed,” Bernstein analyst Gautam Chhugani wrote in a note last week. The firm reaffirmed its $150,00 price target for the end of 2026.
The analyst pointed to investors reentering into exchange-traded funds in recent weeks, as ETFs now hold more than 6% of the supply. Digital asset treasury giant Strategy (MSTR) has also remained a strong buyer, currently holding at least 3.6% of total supply.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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