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Home Technical analysis BTC

Why March Is The Bloodiest Month In Bitcoin History

Tony Spilotro by Tony Spilotro
5 days ago
in BTC
Reading Time: 2min read
bitcoin green candle uptrend bull market
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February is the largest monthly candle on record for Bitcoin price dollar for dollar. But with only a few days left in the shortest month of the year, things could soon turn extremely negative for the leading cryptocurrency by market cap.

Here’s why March has traditionally been a bad month for Bitcoin, and what that could mean about the current crypto market uptrend.

February Posts Landmark Bullish Cryptocurrency Monthly Candle

From the February open until the highest recent peak, Bitcoin price added nearly $25,000 per coin to its price tag before pulling back.

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And while whales caused a large selloff today back down to $47,000 at one point, the leading cryptocurrency by market cap has already set the record for largest monthly candle in terms of total dollars moved.

Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

All kinds of records are being broken left and right, and the asset is in full price discovery mode. And while the uptrend seems unstoppable as of late, February has often been a month where short term trends come to an end.

This time it's different pic.twitter.com/oEpK0SLqRz

— Darren Lau (@Darrenlautf) February 22, 2021

Last February was the early 2020 peak prior to the pandemic hitting and panic setting in, and following the 2017 top, Bitcoin fell from $20,000 to $5,800. But its actually March that’s a lot bloodier than February historically.

Bitcoin Bleeds In March Each Year, Is This Time Different?

March 2020 was when Black Thursday struck, and Bitcoin plunged from $10,000 to $3,800 in just days alongside stocks and other assets. The March before that was green, but closed below $4,000 while the cryptocurrency was in the lowest accumulation trading range.

Related Reading | Here’s How High Bitcoin Could Go If 2017 Repeats

Five years in a row before that saw nothing but red candles. Even during the historic bull market, nearly every March was red on the way up to $20,000. Will the same thing happen again even with Bitcoin this bullish?

bitcoin march

Only two out of nine March candles closed green | Source: BTCUSD on TradingView.com

Bitcoin is working on its fifth green monthly candle in a row, and is more than likely going to close February in the green. Next month’s candle closing green would match the current record for consecutive bullish closes, and put the current Bitcoin rally much more on par with the first bull market.

Interestingly, the first bull market is just one of two instances that had a green March finish. Even then, the sixth green candle close ultimately led to two months of downside, so the risk of a larger bull market correction remains high over the coming months, weeks, and days.

With most March candlesticks closing red, how do you think next month will close for Bitcoin?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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