Bitcoin (BTC) threatened to cement modern resistance at Sunday’s weekly close as investors focused on oil and gold.

Key Points:

• Bitcoin risks strengthening its 200-week exponential moving average as modern resistance this week.

• Price is still unable to reverse the key trend line back towards support as breakouts fail.

• Oil and gold are seen as the main catalysts for BTC price volatility.

200-week BTC price trendline in focus

Data from TradingView showed multi-day lows of $66,569 for BTC/USD over the weekend.

This placed the pair below the key 200-day exponential moving average (EMA) trendline, which it repeatedly tried but failed to reclaim as support.

Commenting, trader and analyst Rekt Capital highlighted the importance of losing the 200-week EMA, currently $68,310, at the weekly close.

“Indeed, Bitcoin has once again made an incredible rally beyond the 200 EMA, with the price erasing a huge portion of the recent rebound,” he wrote in Post X on Friday.

Rekt Capital added that a weekly candle close below “will continue to strengthen the EMA as resistance.”

Before February, the last time BTC/USD was below the trend line on a weekly basis was in early March 2023.

On a more bullish note, trader Merlijn argued that the price could repeat the 2023 structure, which ultimately resulted in a significant rally following the 200-week EMA correction.

BITCOIN IS TESTING THE LEVEL THAT STARTED THE LAST PARADISE.

In 2023, the 200 EMA served as the starting point for the entire movement.

Price got him back.
I tested again.
Then it exploded higher.$BTC returned to the same structure near 65,000. dollars.

Hold and it will continue.
Lose it… and… pic.twitter.com/DIMAWzxGss

— Merlijn Trader (@MerlijnTrader) March 8, 2026

It’s all about oil and gold, says a Bitcoin trader

With macroeconomic tensions in the air due to the ongoing conflict in the Middle East, attention turned to commodities and safe and sound havens ahead of TradFi trading week.

Related: The “abnormal” outflow of Bitcoins causes 32,000 people to leave the exchanges in one day. BTC

Cryptocurrency trader, analyst and entrepreneur Michaël van de Poppe linked the performance of gold and oil directly to the chances of a Bitcoin rebound.

“Tomorrow all eyes will be on crude oil and gold and silver. If these trends shift in Bitcoin’s favor, we could see a return to the highs in the coming week and the worst is behind us,” he said he said X followers that day.

“If it doesn’t, I would be a big buyer around $60,000 if we test the lows again.”

WTI crude ended the day up almost 16% on Friday, while gold fell below $5,200 after a failed rally, reaching all-time highs.

Highlighting record low relative strength index (RSI) readings, Van de Poppe said Bitcoin was clearly undervalued compared to the precious metal.

“The valuation of the BTC dollar compared to gold has not changed,” he said he wrote on X

“This is still the lowest RSI in the history of this particular indicator, which is still: – Gold is overvalued in the brief term, – Bitcoin is undervalued in the brief term.