$400M in Crypto Positions Wiped Out Following Bitcoin's Retreat to $68K
Weekend losses pushed Bitcoin lower, approaching questionable support levels, while technical indicators reveal an emerging golden cross pattern for BTC.
The price of Bitcoin (BTC) slipped under the $69,000 threshold on Sunday while market participants monitored a pivotal weekly candle closure.
Key points:
- Following weekend losses, Bitcoin nears its 200-week trend line level.
- Current BTC price movements have left market participants with bearish sentiment across both short and extended timeframes.
- Technical analysis suggests a golden cross formation on the daily timeframe could offer potential respite.
Bitcoin revisits questionable support zone
Information from TradingView indicated BTC price movements hovering around a crucial trend line following a weekend decline toward the $68,000 level.
Downward pressure materialized as Saturday's daily close concluded, resulting in significant losses for cryptocurrency long positions. According to CoinGlass data, liquidations reached over $300 million for long positions and approached $100 million for short positions during the 24-hour period leading up to publication.
This movement positioned BTC/USD for another encounter with its 200-week exponential moving average (EMA) situated around $68,300.
Previous Cointelegraph coverage highlighted the 200-week EMA's historical significance throughout earlier BTC price cycles, though it has demonstrated "unreliable" characteristics in 2026 by consistently failing to provide adequate support.
During the previous week, trading analyst Rekt Capital emphasized that price action needs to successfully retest the 200-week trend line as support from the upper side to establish a solid foundation for continued upward movement.
"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.
Additional market observers maintained their pessimistic outlooks, with trader Roman reaffirming his price target of $50,000.
"There are still 0 signs of bear market exhaustion on HTF. No divs, no bear PA exhaustion, no momentum loss, etc," he communicated to his X audience on Sunday, making reference to higher time frames.
"I still have high confidence in seeing 50k and likely a bit lower."
BTC price "range game continues"
A potentially encouraging development emerged on Sunday in the form of a "golden cross" pattern involving two alternative moving averages.
In this case, the 21-day simple moving average (SMA) moved above its 50-day counterpart, indicating enhanced recent price strength and momentum.
Providing commentary, Keith Alan, cofounder of trading resource Material Indicators, expressed measured optimism regarding this development.
"The Golden Cross will likely deliver some short term bullish momentum. Must watch to see if it develops into something durable," he stated in a post shared on X.
"For now...the range game continues."
Previously in March, the BTC/USD chart generated two separate "death crosses," a technical formation that conventionally suggests additional downward pressure ahead. These formations subsequently triggered warnings from analysts regarding a potential decline beneath the $40,000 price level.