BTC clings to monthly gains, historic losing streak still in play

Bitcoin is currently up around 2% for the month, narrowly avoiding a historic sixth consecutive monthly loss, a record last seen between August 2018 and January 2019. The cryptocurrency continues to hold above its key 200-week moving average (200WMA) near $59,000, which has historically acted as strong support during bear markets. Bitcoin also shows relative strength against gold, with the BTC/gold ratio rebounding towards 16 ounces after a significant drawdown. Gold, in contrast, has seen a 25% decline from its January all-time high. Analysts suggest that if Bitcoin maintains support above the 200WMA and continues to gain strength against gold, it could indicate that the broader uptrend remains intact. Recent market events, including geopolitical tensions, have caused volatility, with over $400 million in crypto futures liquidations.

(Source：CoinDesk)