Bitcoin Price On Track to End Six-Month Losing Streak

Bitcoin appears on track to snap its six-month losing streak and close February in the green for the fifth consecutive year.

BTC may remain better bid in March, as the weekly chart is signaling bearish exhaustion.

Bitcoin looks set to end its record six-month losing streak with modest gains in February.

The crypto market leader is currently trading at $3,800 on Bitstamp, representing a 10 percent gain on the monthly opening price of $3,434, according to CoinDesk Bitcoin Price Index.

Prices dropped 9, 6, 4.4, 37, 7 and 7.5 percent, respectively, in the previous six months, the longest stretch of monthly losses on record.

The sell-off ran out of steam near $3,300 in the last two months, allowing BTC to post a notable bounce in the historically positive month of February.

As we enter the final month of the first quarter, signs of bearish exhaustion have emerged on longer duration charts, as discussed earlier this week.

BTC could remain better bid in March - a weak month for the leading cryptocurrency since 2014.

A green candle has appeared on the monthly chart after six months in the red.

Bitcoin image via CoinDesk archives; charts by Trading View.