Bitcoin price falls under $69K to its two-week low after $400M in liquidations

Bitcoin slipped below $69,000 on March 23, 2026, hitting its two-week low and approaching the 200-week exponential moving average near $68,300.

The 200-week exponential moving average is a long-term trend line many traders track. In 2026, it has not consistently functioned as support, and market participants are watching whether the weekly close comes in above or below that band.

According to the recent VanEck report, long-term Bitcoin holders slowed distribution in the latest month, as miner outflows to exchanges rose 1% despite an 11% drop in revenue.

In the 24 hours through Sunday, March 22, more than $300 million in long positions and nearly $100 million in shorts were liquidated across crypto derivatives venues, according to CoinGlass data.

Trader and analyst Rekt Capital has argued that a clean retest from above would help establish a platform for upside. “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 wrote on X.

Short-term indicators pointed the other way. On the daily chart, the 21-day simple moving average moved above the 50-day, creating a “golden cross” that can signal improving momentum. Keith Alan, cofounder of Material Indicators, said the setup might spark a brief bounce but advised waiting to see if it holds. For now, he noted, trading remains range-bound.

Earlier in March, the daily chart recorded two death crosses, formed when faster-moving averages drop below slower ones. Those events prompted warnings from some analysts that deeper pullbacks, including scenarios below $40,000, could follow if support levels give way.