March 23, 2026 – Long positions bore the brunt of the weekend selloff. The 200-week EMA is once again under pressure, raising questions about Bitcoin’s macro floor.
In Summary
Nearly $400 million in crypto positions were liquidated over 24 hours.
Long traders lost over $300 million; shorts lost roughly $100 million.
Bitcoin retested the 200-week EMA near $68,300, a historically pivotal level.
A daily golden cross emerged, but analysts remain cautious on durability.
Bitcoin dropped below $69,000 on Sunday. The decline extended a weekend selloff that rattled leveraged traders. According to CoinGlass data, nearly $400 million in positions were liquidated within 24 hours.
Long positions accounted for over $300 million of those losses. Short liquidations added roughly $100 million more. The imbalance highlights the market’s bullish bias heading into the weekend.
| ~$400M TOTAL LIQUIDATIONS | $300M+ LONGS LIQUIDATED | ~$100M SHORTS LIQUIDATED |
200-Week EMA: Support or Trap?
The dip brought Bitcoin to its 200-week exponential moving average near $68,300. This indicator served as reliable support in prior cycles. However, in 2026, it has repeatedly failed to hold.
Analyst Rekt Capital noted that the price must reclaim this level from above. Without that confirmation, further macro downside remains possible. He warned that Bitcoin could simply “meander” around the EMA before breaking lower.
Source: TradingView · CoinGlass
Liquidation Breakdown: Longs Dominate Losses
The liquidation split tells a clear story. Over 75% of wiped positions were long bets. Traders had anticipated a bounce after BTC briefly reclaimed $74,000 on March 16.
That recovery has now fully unwound. According to CoinGlass heatmap data, a large long liquidation pool sat between $68,800 and $69,000. The weekend drop swept directly through this zone.
Source: CoinGlass
A Golden Cross, but Analysts Stay Cautious
One technical bright spot surfaced on Sunday. The 21-day SMA crossed above the 50-day SMA. This “golden cross” pattern signals rising short-term momentum.
“The Golden Cross will likely deliver some short-term bullish momentum. Must watch to see if it develops into something durable.”
— Keith Alan, Co-Founder, Material Indicators
However, this signal arrives amid a broader bearish structure. Earlier in March, two “death crosses” appeared on the BTC daily chart. Trader Roman reiterated his $50,000 target, citing zero signs of bear-market exhaustion.
Macro Context: ETF Outflows and Weak Sentiment
The selloff is part of a broader institutional retreat. CoinDesk reported that Bitcoin ETFs shed $6.39 billion across four consecutive months. This marks the longest monthly outflow streak since the funds launched in January 2024.
Bitcoin has declined nearly 46% from its October 2025 all-time high above $126,000. Ether has fared worse, falling over 60% from its August 2025 peak.
Source: SoSoValue via CoinDesk
What Comes Next?
Bitcoin now sits between opposing liquidation bands. Shorts cluster near $71,000–$72,000. Long liquidation pools start at $66,700. A move in either direction could trigger cascading forced closures.
The crypto fear-and-greed index remains in “extreme fear” territory. Perpetual futures funding rates are still negative. These metrics suggest bearish positioning dominates the market.
For now, the $68,000–$69,000 range is the immediate battleground. Whether Bitcoin’s golden cross delivers a durable rebound or gets overwhelmed by macro headwinds will likely define the weeks ahead.
