Bitcoin (BTC) traded below $69,000 over the weekend, facing significant bearish pressure as it approached its critical 200-week trend line. The dip to around $68,000 led to the liquidation of over $300 million in long positions, reinforcing a negative sentiment among traders. Analysts suggest that while the 200-week exponential moving average (EMA) has historically been a key support level, its reliability has diminished in 2026, raising concerns about Bitcoin’s immediate and long-term price trajectory.
Despite the bearish outlook, a recent “golden cross” formation on the daily chart—where the 21-day simple moving average crosses above the 50-day SMA—offers a glimmer of hope for short-term bullish momentum. Market participants remain cautious, as previous signals indicated potential further downside, with some traders eyeing a target as low as $50,000.
The key takeaway for market professionals is that while short-term indicators may suggest a potential bounce, the overarching bearish sentiment and historical patterns warrant vigilance in trading strategies as Bitcoin navigates this volatile range.
Source: cointelegraph.com