I just reviewed the numbers, and what's happening with Bitcoin in these past few months is pretty brutal. We're talking about five consecutive monthly declines, the worst streak since 2018. Something that really wasn't expected after such bullish sentiment not long ago.

The interesting thing is that this isn't just Bitcoin's weakness. According to analysts, what we're witnessing is a complete structural change in how the market values risk assets. Gold has risen nearly 48% since September, while BTC has fallen about 41% in the same period. That says a lot about how investors are viewing things now. Bitcoin is being treated as a risk asset sensitive to liquidity, not as digital gold.

The correlation with stocks is total chaos. In February, it ranged between -0.68 and +0.72 in just two weeks. When something lags while risk is working, it usually indicates structural weakness, not temporary strength.

Since October, Bitcoin has fallen 52%. That seems like a lot, but here’s the important part: in previous bear markets, we’ve seen drops of 80% or more. Some analysts warn that we might only be halfway through this correction. The weekly RSI is at its lowest historical reading, which is normally associated with inflection points, but in past similar corrections, conditions led to further declines of 30-40% before a definitive bottom was formed.

Now, there’s another side to the coin. Sentiment is uniformly negative, while long-term fundamentals remain intact. When that happens, reversals tend to be sharp. Additionally, accumulation addresses have absorbed approximately 372,000 BTC since late December, a classic sign that someone is buying in panic.

Key levels to watch: $68,000–$72,000 is the zone where recovery might begin. If it doesn’t fall below $60,000 in the short term, it could hold. The 200-week moving average is near $58,500.

What some don’t understand is that the narrative of five losing months is just noise. The structural story is what matters, and that has been ongoing for decades. Bitcoin remains a global alternative to debt-based fiat systems. The regime has changed, but the purpose hasn’t.