Bitcoin has been losing ground since August 2018, which is the most prolonged period of consecutive red months in the history of the asset. However, now BTC is 7% higher than at the beginning of February.
While it is still too early to claim a complete reversal, this development might be interpreted as a positive signal and may eventually translate into a sustainable recovery above $4,000 in the coming weeks.
Considering a large number of strong technical indicators clustered between the current price and $3,900 handle, the bulls will have a hard time making their way towards the above-said $4,000 resistance. However, once it is cleared, $5,000 will be back in focus.