Bitcoin is on track to match a joint record of six consecutive monthly losses, set only once between August 2018 and January 2019, according to Coinglass data.
Currently at $66,600, BTC would need to rise a little more than 1% over the next 15 hours to close above the $67,300 level where it started the month.
According to Coinglass data, bitcoin fell 4% in October, 18% in November and 3% in December. The downward trend continued into 2026 with a 10% decline in January, 15% in February, and March is currently down around 1%.
The last time bitcoin recorded six consecutive months of decline was between August 2018 and January 2019. That period was followed by five consecutive months of gains, giving bitcoin bulls a modest historical precedent for a potential rebound.
There are still downside risks
However, unlike the 2019 experience, the technical and macro situations suggest that the pressure may continue.
Bitcoin remains above key long-term support levels, including its 200-week moving average of $59,268 and its realized price — the average chain cost basis — of $54,177, according to Glassnode data. In past bear markets, bitcoin has typically fallen below both levels and remained there for an extended period.
Macro conditions also remain a headwind. The ongoing conflict in the Middle East has kept oil prices above $100 a barrel for over a month, complicating the central bank’s policy decisions on interest rate cuts or further tightening. At the same time, renewed concerns about quantum computing risks have added another layer of uncertainty.
One potential bright spot is that bitcoin has moved slightly higher since the beginning of the conflict in the Middle East, suggesting some resilience despite the broader risk environment.
