Bitcoin (BTC) traded below $69,000 on Sunday as the market faced a crucial weekly candle close.
Key points:
– Bitcoin approaches its 200-week trend line after slipping over the weekend.
– Traders are broadly bearish on both the near-term and macro outlook.
– A daily “golden cross” between short-term moving averages could offer limited relief.
Bitcoin returns to “unreliable” support
TradingView data showed BTC circling a key trend line after a weekend drop toward $68,000. Bearish momentum dominated Saturday’s daily close, triggering heavy liquidations: more than $300 million in longs and roughly $100 million in shorts were wiped out in the previous 24 hours, according to CoinGlass.
The move set up a renewed test of the 200-week exponential moving average (EMA), around $68,300. Historically important in past cycles, the 200-week EMA has proven “unreliable” in 2026, often failing to hold as support. Trader and analyst Rekt Capital warned that Bitcoin may simply hover around the 200-week EMA — never convincingly turning it into support or resistance — before potentially breaking down into further macro downside over time.
Other market participants remained bearish. Trader Roman reiterated a $50,000 target, saying there were “zero signs of bear market exhaustion” on higher time frames and expressing confidence that BTC could reach $50K or lower.
BTC price “range game continues”
One potential bright spot was a “golden cross” on the daily chart: the 21-day simple moving average crossing above the 50-day SMA, signaling improved short-term momentum. Keith Alan, cofounder of Material Indicators, said this could produce some short-term bullish momentum but urged caution, noting it must develop into something durable. “For now…the range game continues,” he wrote.
Earlier in March, BTC/USD had formed two “death crosses,” a pattern that typically signals further downside and prompted warnings of a possible collapse below $40,000.
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