Bitcoin concluded the first quarter of 2026 at $68,200, marking a 22% decline over the period, which stands as the weakest opening three months for the cryptocurrency since 2018. This downturn erased an earlier surge that had seen Bitcoin approach $95,000 before the market shifted direction.
The quarter began with significant promise as Bitcoin opened slightly above $87,000. It gained momentum, rapidly moving toward the $95,000 mark, signaling a robust start to the year. However, this upward trajectory proved short-lived. By February 6, the price had plummeted to around $60,000, reflecting a swift change in market sentiment.
Following that initial drop, Bitcoin experienced a momentary recovery, climbing back to approximately $70,000 later in February. Nonetheless, this rebound was short-lived as selling pressure mounted, exacerbated by escalating tensions in the Middle East, which permeated through risk markets and led Bitcoin to hover around $63,000 as the quarter came to a close.
Data from Coinglass highlights how atypical this quarter was in comparison to Bitcoin’s historical performance. The cryptocurrency had previously faced substantial swings: it experienced a nearly 50% plunge in the same quarter in 2018, followed by modest shifts in subsequent years. In contrast, Bitcoin posted gains of 8% in 2019, a loss of 10% in 2020, a remarkable surge surpassing 100% in 2021, followed by a slight dip of 1.40% in 2022. The cryptocurrency rebounded with gains of 70% in 2023 and 65% in 2024, yet the pattern faltered in 2025 with an 11% decline, leading to this year’s more pronounced drop.
The latest downturn was closely associated with mounting geopolitical tensions in the Middle East, which kept traders on high alert. These pressures didn’t confine themselves to a single trading session; instead, they persisted throughout March, contributing to a turbulent close for the quarter characterized by rapid price fluctuations that hindered market stabilization.
With the arrival of April, the report indicated the potential for a change in trend. Although March ended on a weak note, April historically tends to be a more favorable month for Bitcoin. According to Coinglass, Bitcoin has achieved an average April gain of 11.90%, with a median return of 5% over the years. This historical data has led some traders to maintain a hopeful outlook for a rebound despite the challenging circumstances faced in the previous quarter.
As the second quarter commenced, fresh selling emerged, partly spurred by U.S. President Donald Trump’s recent comments indicating a more aggressive stance on military actions, which prompted a 3% drop in Bitcoin to $66,700 within 24 hours. Other cryptocurrencies such as Ethereum, BNB, and XRP also saw declines of about 3% to 4%, mirroring the overall softening of the crypto market.
