Bitcoin Futures Turn Net Long as BTC Tests 200-Week EMA Near $68,350

Bitcoin futures traders on CME shifted to net long positions at roughly 1,600 contracts after previously holding around 1,000, CFTC Commitment of Traders data show. BTC is trading near the 200-week exponential moving average at $68,350, with an oversold RSI and defense of this bear-market floor cited as key technical factors. Analysts referenced historical parallels of roughly 70% gains after similar futures unwind events in April 2025 and around 190% in 2023, outlining a possible path toward $85,000 by April if BTC clears resistance at the 100-week EMA; however, observers such as Tom McClellan note downside risks remain, as BTC briefly traded below the 200-week EMA in 2022 despite oversold readings.