Bitcoin rises 3% after 5 months of losses
After five straight months of losses, Bitcoin jumped 3% in the last 24 hours and is now trading at $68,394 (March 3).
But don't get too excited yet—this rebound seems driven largely by traders closing out short bets, though some reports point to renewed institutional interest.
ETF outflows are still high, with roughly $6.4 billion leaving in the past four months.
Key levels to watch in March
March could set the tone for where Bitcoin heads next.
If prices break above $79,000, it might shake off recent bearish patterns; if not, there's a risk of dropping as low as $41,400.
Factors influencing Bitcoin's price
The recent bounce follows a period of fear and heavy selling, alongside on-chain signs of accumulation by whales and institutions that have reduced exchange reserves.
Still, resistance at $70K is tough to crack.
Plus, since Bitcoin often moves with stocks (with a 0.55 correlation), any big swings on Wall Street or global news can quickly spill over into crypto prices.