Bitcoin (BTC) traded below $69,000 on Sunday as the market faced a critical weekly candle close.
Key points:
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Bitcoin approaches its 200-week trend line after sinking throughout the weekend.
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BTC price action leaves traders firmly bearish on the immediate and long-term outlook.
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A golden cross on the daily chart may provide some relief, analysis says.
Bitcoin returns to “unreliable” support
Data from TradingView showed BTC price action circling a key trend line after a weekend dip to near $68,000.
Bearish momentum entered into Saturday’s daily close and crypto longs suffered. Over $300 million in longs and nearly $100 million in shorts were liquidated in the 24 hours to the time of writing, per data from CoinGlass.
In so doing, BTC/USD set up a fresh showdown around its 200-week exponential moving average (EMA) near $68,300.
As Cointelegraph reported, the 200-week EMA was of major importance in prior BTC price cycles, but has become “unreliable” in 2026 due to failing to offer support.
Last week, trader and analyst Rekt Capital said that price should retest the 200-week trend line as support from above in order for it to provide the foundation for upside continuation.
“More, there’s also a chance that Bitcoin could simply meander in and around the 200-week EMA for a while, never really turning it into convincing resistance, never really turning it into convincing support, before ultimately breaking down into additional Macro Downside over time anyway,” he noted on X.
Others also retained bearish predictions, including trader Roman, who reiterated his $50,000 target.
“There are still 0 signs of bear market exhaustion on HTF. No divs, no bear PA exhaustion, no momentum loss, etc,” he told X followers on Sunday, referring to higher time frames.
“I still have high confidence in seeing 50k and likely a bit lower.”
BTC price “range game continues”
A potential silver lining on the day came from a “golden cross” involving two other moving averages.
Related: Bitcoin RSI signals potential bottom as analysts flag key setup
Here, the 21-day simple moving average (SMA) crossed over its 50-day equivalent, signalling stronger recent price momentum.
Commenting, Keith Alan, cofounder of trading resource Material Indicators, was cautiously optimistic.
“The Golden Cross will likely deliver some short term bullish momentum. Must watch to see if it develops into something durable,” he acknowledged in an X post.
“For now…the range game continues.”
Earlier in March, the BTC/USD chart produced two “death crosses,” a structure that typically implies more downside pressure to come. These in turn sparked warnings of a collapse below $40,000.
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