Bitcoin Battles Death Crosses and a $68,000 Weekly Close Rejection

Bitcoin started the second week of March struggling after failing to maintain a weekly close above the significant 200-week Exponential Moving Average (EMA), which is now acting as resistance. This price action occurred amidst broader market focus on geopolitical tensions in the Middle East and resulting oil price volatility, which raises inflation concerns ahead of key US CPI and PCE data releases. Analysts note that the current market resembles a "boring bear market" until the 200-week EMA is reclaimed. Technically, Bitcoin is facing increased bearish pressure with the 21-week Simple Moving Average (SMA) crossing below the 100-week SMA, forming a death cross, and another death cross appearing on the three-day chart, historically preceding significant price drops. Despite these bearish technicals, derivatives market data from CryptoQuant suggests a potential reversal pattern similar to past market bottoms, and large investors ("whales") have shown little interest in profit-taking as the price fluctuated between $65,000 and $72,000.

(Source：Cointelegraph)