Bitcoin holds modest gains after five-month losing streak ends

Bitcoin was holding onto gains on Wednesday after snapping a five-month losing streak in March, buoyed along with other risk assets by US President Donald Trump’s intention to end the war on Iran within weeks.

The original cryptocurrency was up as much as 1.5% in early Europe trading, hovering around $69 000 at 8 a.m. in London. Ether, the second-largest token, was holding above $2 100.

Bitcoin climbed 2.2% in March, its first monthly gain since September, fueling optimism among some that digital assets may be emerging from the “crypto winter” that began with a price crash in October. Trump’s comment late Tuesday that he expects the US to exit the Iran war in the next two to three weeks triggered a rally across risk assets, including equities, even though the crucial Strait of Hormuz remains closed.

Bitcoin, which is only slightly above the roughly $66 500 level it was at a month ago, would need to sustain prices above the $70 000 to $72 000 range to build conviction among investors, said Rachael Lucas, an analyst at BTC Markets.

“Markets have been conditioned by 12 months of policy reversals,” she said. “Bitcoin’s price action tells the story: It stayed compressed in a tight range even as equity markets moved sharply on the headline” from Trump.

ADVERTISEMENT

CONTINUE READING BELOW

Ryan Rasmussen, head of research at Bitwise Asset Management, was more optimistic on the outlook.

“Once the geopolitical and macro headwinds clear, we believe the multi-year bullish tailwinds of institutional adoption and regulatory clarity will push Bitcoin to new all-time highs,” he said. “The positive price action in March, after five months of negative prices, is a sign that investors are waking up to this, and Bitcoin is on the verge of a breakout from crypto winter.”

ETF Inflows

Bitcoin has been aided by net inflows of $1.2 billion into US exchange-traded funds in March, ending a four-month stretch of net outflows.

ADVERTISEMENT:

CONTINUE READING BELOW

The token held steady through much of last month even as equities and gold fell on inflation fears fueled by soaring energy prices. Still, Bitcoin remains about 45% below its all-time high of over $126,000 reached just before the October selloff.

Investors continue to seek downside protection. Crypto options platform Deribit shows a concentration of over $1.5 billion worth of put contracts at $60,000, indicating that some traders are betting the token will again test those levels.

Hayden Hughes, managing partner at Tokenize Capital, said April is likely to see a return to volatility in crypto markets, even as they initially rally on the long-awaited plan to end the Iran war.

“It will feel like the good times have returned,” he said. “Still, our base case is further downside for the remainder of the year caused by supply chain disruption that cannot be fixed quickly, high levels of household debt, stress in the private credit industry, and potentially other black swan-esque risks that we feel are not adequately priced in.”

© 2026 Bloomberg

#Bitcoin #holds #modest #gains #fivemonth #losing #streak #ends