Bitcoin is approaching a critical monthly close that could mark six straight months of losses. Such an outcome would equal the longest losing streak on record, previously set during the period from August 2018 to January 2019. The situation has drawn attention from market observers tracking the cryptocurrency’s medium-term performance. A red close this month would confirm the streak is tied with that historic low point.
Despite the prolonged downturn, Bitcoin continues to hold above its 200-week moving average, which sits near $59,000. This technical level is widely watched as a long-term support indicator for the asset. Maintaining a position above this threshold is seen as a sign that broader structural support remains intact. Traders often view the 200-week moving average as a key benchmark during extended periods of price weakness.
Separately, the BTC gold ratio, which measures Bitcoin’s value relative to the price of gold, has begun to recover from what analysts describe as cycle lows. This ratio is used by some market participants to assess Bitcoin’s relative strength against traditional store-of-value assets. A recovery in this metric may suggest improving sentiment for Bitcoin when viewed through that particular lens. The extent and durability of that recovery remain to be seen as the monthly close draws near.
Originally reported by CoinDesk.
