Bitcoin fell back below $69,000 over the weekend as traders watched a pivotal weekly candle close. The pullback pushed BTC toward a key long-term trend line and renewed concern about the medium- and long-term trajectory.
Price action and liquidations
Data from TradingView showed BTC moving toward the 200-week exponential moving average (EMA) after a slide toward roughly $68,000. The weekend’s bearish momentum produced heavy liquidations: CoinGlass reported more than $300 million in long positions and about $100 million in shorts were wiped out in the prior 24 hours.
200-week EMA: historic but unreliable in 2026
The 200-week EMA—near $68,300—has mattered in past cycles, but in 2026 it has often failed to act as dependable support. Analyst Rekt Capital cautioned that Bitcoin may linger around the 200-week EMA without clearly flipping it into firm support or resistance before potentially deteriorating into greater macro downside.
Bearish sentiment persists
Many market participants remain negative on the outlook. Trader Roman reiterated a $50,000 target, arguing there are “zero signs of bear market exhaustion” on higher timeframes and suggesting BTC could fall to $50K or lower if those conditions continue.
A possible short-term lift: the daily golden cross
One near-term technical note: the daily chart showed a 21-day simple moving average crossing above the 50-day SMA—a so-called “golden cross.” Keith Alan, cofounder of Material Indicators, said this could provide some short-lived bullish momentum but warned it must evolve into a durable trend to matter. “For now…the range game continues,” he added, implying price may remain choppy.
Earlier weakness: March death crosses
The cautious tone follows two “death crosses” formed in March—patterns typically interpreted as bearish and previously cited as a reason some analysts expect deeper declines, including scenarios under $40,000.
Risk and disclosure
This write-up is informational only and not investment advice. Every trade and investment carries risk; readers should perform their own research before acting. While efforts are made to provide accurate, timely information, the sources and statements cited are subject to change and may be forward-looking. No party guarantees the completeness or reliability of the information, and neither the publisher nor its contributors accept liability for losses arising from reliance on this content.