Bitcoin (BTC-USD) rose above $68,000 on Wednesday, snapping a five-month losing streak.

"BTC has never recorded 6 consecutive monthly declines in its 17-year history," Compass Point analyst Ed Engel wrote in a note to clients.

Bitcoin has shown more resilience than equities, as the S&P 500 (^GSPC) and gold (GC=F) both dropped since the Middle East war began on Feb. 28.

Although the token seemed overdue for a relief rally, "blockchain data still indicates bearish flows which increases our confidence that BTC retests the $60k lows," Engel wrote.

"March's resilience looks like a textbook relief rally within a broader crypto winter," he added.

Read more: How to invest in cryptocurrency: A beginner's guide

Fundstrat's head of digital assets, Sean Farrell, is also unconvinced by bitcoin's recent resilience.

"I still remain measured here," Farrell said in a client video on Monday night. "I think it's still a good place to preserve capital, maintain dry powder, stay nimble, and look for things to change in a more conclusive direction."

Meanwhile, Bernstein analysts recently noted that the token may finally have reached a low point.

"Bitcoin looks bottomed," Bernstein analyst Gautam Chhugani wrote in a note last week. The firm reaffirmed its $150,00 price target for the end of 2026.

The analyst pointed to investors reentering into exchange-traded funds in recent weeks, as ETFs now hold more than 6% of the supply. Digital asset treasury giant Strategy (MSTR) has also remained a strong buyer, currently holding at least 3.6% of total supply.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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