Bitcoin Slides Back to the 200‑Week EMA – Bears Remain in Control as Weekly Candle Closes Lower
By [Author Name] • March 22, 2026 – 08:30 GMT
Bitcoin (BTC) finished the week under the $69,000 mark, hovering around the $68,300 level that coincides with its 200‑week exponential moving average (EMA). The move comes after a weekend dip that saw the cryptocurrency briefly touch the low‑$68,000 region, renewing concerns that the long‑term trend line could act more as resistance than support.
What the numbers show
| Metric | Value (approx.) | Comment |
|---|---|---|
| Current BTC price | < $69,000 | Below the previous weekly high |
| 200‑week EMA | $68,300 | Key long‑term trend line |
| Long‑position liquidations (24 h) | $300 million | Indicates heavy short‑side pressure |
| Short‑position liquidations (24 h) | $100 million | Shows that shorts are also getting squeezed |
| Daily “golden cross” (21‑day SMA over 50‑day SMA) | Formed on March 22 | Potential short‑term bullish catalyst |
Data from TradingView confirms that BTC has been orbiting the 200‑week EMA since the weekend slide. CoinGlass reports that more than $300 million in long contracts and close to $100 million in short contracts were liquidated in the last 24 hours, underscoring the volatility that typically accompanies a decisive weekly close.
Analyst perspective
The 200‑week EMA has historically acted as a robust anchor for Bitcoin’s price cycles, but several market participants now question its reliability. In 2026 the line has failed to hold price above it on multiple occasions, prompting the label “unreliable” in recent technical commentary.
Trader‑analyst Rekt Capital cautioned that a clean test of the 200‑week trend line from above would be required before it could be considered a genuine support zone. “Bitcoin may simply linger around this moving average for an indeterminate period, without it becoming a clear barrier in either direction,” he wrote on X.
Other bearish voices remain steadfast. Roman, a veteran swing trader, reiterated a $50,000 target, noting an absence of classic bear‑market exhaustion signals such as divergence, momentum loss, or a change in price action on higher time frames.
A possible short‑term lifeline
While the broader outlook stays gray, a “golden cross” emerged on the daily chart: the 21‑day simple moving average crossed above the 50‑day SMA, suggesting renewed short‑term buying pressure. Material Indicators co‑founder Keith Alan described the crossover as a tentative bullish spark, but warned that the market is still likely to be trapped in a range.
“Expect the range to persist for now,” Alan posted, adding that any bullish momentum from the golden cross must prove durable before it can shift the prevailing sentiment.
Recent technical backdrop
Earlier in the month, Bitcoin’s chart recorded two “death crosses” (the 50‑day moving average falling below the 200‑day moving average), a pattern that historically precedes extended downtrends. Those setups triggered warnings about a possible slide toward the $40,000 region if downside pressure continues.
Key takeaways
- 200‑week EMA under pressure: Bitcoin is trading just above the $68,300 200‑week EMA, a level that has been more “resistance” than support in recent weeks.
- Heavy liquidation activity: $300 million in longs and $100 million in shorts were wiped out in the past day, highlighting aggressive position‑taking on both sides.
- Bearish bias persists: Prominent analysts continue to forecast price targets in the $50,000–$55,000 range, citing a lack of bearish exhaustion signs.
- Golden cross offers a brief upside hint: The 21‑day SMA crossing above the 50‑day SMA may generate short‑term rallies, but the overall market is likely to stay range‑bound for the near term.
- Historical death crosses loom: Prior death‑cross formations keep the risk of a deeper correction alive, with some models pointing to a potential breach of the $40,000 barrier if negative momentum intensifies.
Investors should monitor price action around the 200‑week EMA closely, as a decisive break either below or above could set the tone for Bitcoin’s trajectory over the coming months. Until a clear directional signal emerges, the market is expected to remain constrained within a narrow price corridor.
The information above is for educational purposes and does not constitute investment advice. Readers should conduct their own research before making any trading decisions.
Source: https://cointelegraph.com/news/crypto-liquidations-near-400m-after-68k-bitcoin-price-dip?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
