Bitcoin needs weekly close above $85k to avoid correction to $76k: analysts

Bitcoin analysts are eying the weekly close to gauge Bitcoin’s price trajectory for next week, as traditional and crypto markets are lacking direction amid a mix of global trade war fears paired with easing inflation concerns.

Bitcoin’s (BTC) price may see more downside next week unless it manages to close the week above the $85,000 psychological mark, according to Ryan Lee, chief analyst at Bitget Research.

“Bitcoin’s relief rally after the FOMC meeting and lower CPI readings has analysts eyeing a weekly close above $85,000, as critical for resuming upside momentum,” Lee told Cointelegraph, adding:

“A close above this level could prevent a drop to $76,000 and signal strength, while $87,000 would provide even clearer bullish confirmation. Macro factors like steady rates and cooling inflation support risk assets, but the Sunday close will be decisive.”

Bitcoin’s price has been lacking momentum, rising only 0.9% over the past week, Cointelegraph Markets Pro data shows. A disappointing weekly close risks a revisit to the previous week’s price low of $76,600.

Related: Whale closes $516M 40x Bitcoin short, pockets $9.4M profit in 8 days

Markets should “pay attention” to long-term holder accumulation: analyst

While Bitcoin may experience short-term downside, the relief rally after the Federal Open Markets Committee (FOMC) meeting was a positive sign for market participants, according to Enmanuel Cardozo, market analyst at Brickken real-world asset (RWA) tokenization platform.

Instead of short-term fluctuations, investors should pay attention to long-term Bitcoin holder accumulation to gauge BTC’s trend, the analyst told Cointelegraph, adding:

“Long-term holders continue to stack, as we’ve seen in on-chain data, the accumulation by these holders, quietly building since the dip is what we should be paying attention to.”

Long-term holders resumed their Bitcoin accumulation at the beginning of February, buying over $21 billion worth of Bitcoin since.

The total Bitcoin supply held by long-term holders increased by over 250,000 BTC in less than two months, from 13.1 million BTC on Feb. 11 to over 13.3 million on March 22, Glassnode data shows.

Related: Trader nets $480K with 1,500x return before BNB memecoin crashes 50%

Despite a wave of positive regulatory and crypto-specific developments, global tariff fears will continue to pressure the markets until at least April 2, according to Nicolai Sondergaard, a research analyst at Nansen.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8