Bitcoin traded below $69,000 as the cryptocurrency market faced a critical weekly close. Key support was tested at the 200-week exponential moving average near $68,300, a level analysts have recently described as “unreliable.” Over $300 million in long positions were liquidated amid the weekend price decline, though a potential “golden cross” on the daily chart offered a contrasting technical signal.
Bitcoin price action dipped over the weekend, circling key trend line support. Data showed over $300 million in crypto long positions were liquidated in a 24-hour period ending Sunday.
The BTC/USD pair set up a fresh test of its 200-week exponential moving average near $68,300. This trend line was of major importance in prior cycles but has become “unreliable” in 2026 due to failing to offer support.
Trader and analyst Rekt Capital noted that price should retest the 200-week trend line from above to provide a foundation for upside. He suggested Bitcoin could meander around the level before potentially breaking down into additional macro downside.
Others 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 followers.
A potential silver lining emerged from a “golden cross” on the daily chart. The 21-day simple moving average crossed over its 50-day equivalent, signaling stronger recent price momentum.
Keith Alan, cofounder of trading resource Material Indicators, was cautiously optimistic about the development. “The Golden Cross will likely deliver some short term bullish momentum. Must watch to see if it develops into something durable,” he commented. He added that for now, the range game continues.
