Bitcoin BTCUSD traded below $69,000 on Sunday as the market faced a critical weekly candle close.

Key points:

• Bitcoin approaches its 200-week trend line after sinking throughout the weekend.

• BTC price action leaves traders firmly bearish on the immediate and long-term outlook.

• A golden cross on the daily chart may provide some relief, analysis says.

Bitcoin returns to “unreliable” support

Data from TradingView showed BTC price action circling a key trend line after a weekend dip to near $68,000.

Bearish momentum entered into Saturday’s daily close and crypto longs suffered. Over $300 million in longs and nearly $100 million in shorts were liquidated in the 24 hours to the time of writing, per data from CoinGlass.

In so doing, BTCUSD set…