Bitcoin plunges 22%: Worst Q1 since 2018 as losses mount

Bitcoin is down 22.3% year-to-date, facing its worst Q1 since 2018. Both January and February posted losses, with technicals confirming a bearish trend and support near $65,000.

Bitcoin is enduring its worst first-quarter performance since 2018, with the price falling 22.3% year-to-date—from around $87,700 to $68,000. This downturn is significant, as both January and February have posted losses, marking a potential first in Bitcoin’s history if the trend continues. Historically, Bitcoin has seen losses in seven of the last thirteen first quarters, but the current decline stands out for its severity and the possibility of consecutive red months. Technical indicators point to a bearish trend, with the RSI nearing oversold territory and strong support identified near $65,000. The broader crypto market is also under pressure, with Ethereum down over 34% this quarter. Analysts cite macroeconomic factors, deleveraging, and persistent selling as key drivers, though some long-term holders are accumulating amid the volatility. Despite the sharp drop, history shows that a weak first quarter doesn’t always predict the year’s outcome.