Bitcoin faced strong selling pressure over the weekend, slipping below the $69,000 level and triggering massive liquidations across the crypto market. The decline pushed BTC close to a crucial long-term support zone, raising concerns among traders about the market’s next move.

Market Sees Heavy Liquidations

According to market data, over $400 million worth of positions were liquidated within 24 hours. This included more than $300 million in long positions, indicating that bullish traders were caught off guard by the sudden downturn. Short liquidations also approached $100 million, reflecting high volatility across both sides of the market.

Bitcoin Tests Key 200-Week EMA

Bitcoin’s price dropped toward its 200-week exponential moving average (EMA), currently near $68,300 — a historically significant level. In previous market cycles, this trend line acted as a strong support zone. However, recent analysis suggests that in 2026, this level has become less reliable and may not hold as firmly as before.

Analysts believe that for Bitcoin to maintain bullish momentum, it must reclaim and hold above this level convincingly. Otherwise, the risk of further downside remains high.

Bearish Sentiment Dominates

Market sentiment continues to lean bearish in both the short and long term. Some traders argue that there are still no clear signs of a market bottom, pointing to the absence of bullish divergence or weakening bearish momentum on higher timeframes.

A few analysts have even projected a potential drop toward the $50,000 range if current conditions persist.

Golden Cross Offers Short-Term Hope

Despite the bearish outlook, a potential positive signal has emerged. A golden cross has formed on the daily chart, where the 21-day moving average crossed above the 50-day moving average. This pattern often indicates strengthening short-term momentum.

However, experts remain cautious, suggesting that while this could lead to a temporary price bounce, it needs sustained buying pressure to confirm a longer-term trend reversal.

Market Still in a Range

For now, Bitcoin appears to be stuck in a consolidation phase, with price action fluctuating around key levels. Traders are closely watching whether BTC can hold support or break lower, which could define the next major trend direction.

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Disclaimer

This content is for informational purposes only and not financial advice. Crypto markets are risky, so always do your own research and invest only what you can afford to lose.