Bitcoin needs weekly close above $85k to avoid correction to $76k: analysts
Bitcoin’s price trajectory may be on a precarious edge, with analysts closely monitoring its upcoming weekly close as an indicator of future movement. Amidst ongoing concerns about a potential trade war and fluctuating inflation rates, both traditional and cryptocurrency markets are experiencing a notable lack of direction.
According to Ryan Lee, chief analyst at Bitget Research, Bitcoin’s price needs to close above the crucial psychological level of $85,000 to stave off potential downward pressure in the coming week. He emphasized the importance of this closing price, stating, “A close above this level could prevent a drop to $76,000 and signal strength, while $87,000 would provide even clearer bullish confirmation.” He further noted that macroeconomic factors, including steady interest rates and easing inflation, support risk assets, but the closing numbers on Sunday will be vital for determining Bitcoin’s immediate future.
The most recent data from Cointelegraph Markets indicates that Bitcoin’s value saw a modest increase of just 0.9% over the week. This sluggish momentum raises the stakes for the upcoming close, as a lackluster performance could prompt a drop to the previous week’s low of $76,600.
While the short-term outlook appears uncertain, some analysts suggest a focus on long-term holder behavior. Enmanuel Cardozo, market analyst at Brickken, highlighted that accumulation trends among long-term holders may indicate underlying strength in Bitcoin’s network despite potential short-term fluctuations. Cardozo remarked, “Long-term holders continue to stack… the accumulation by these holders, quietly building since the dip is what we should be paying attention to.” Since the beginning of February, long-term holders have purchased over $21 billion worth of Bitcoin, resulting in an increase of more than 250,000 BTC in their holdings—a noteworthy sign of sustained confidence among key market players.
Despite positive regulatory news and specific developments within the crypto sector, global tariff concerns remain a burden on market dynamics. Research analyst Nicolai Sondergaard from Nansen pointed out that these factors will likely continue to exert influence on market behavior, particularly as the April deadline approaches.
As the situation evolves, all eyes will remain on critical price points and accumulation trends that could shape Bitcoin’s path in the near future.
