Bitcoin Must Secure Weekly Close Above $85K to Prevent Drop to $76K, Analysts Warn
Bitcoin (BTC) analysts emphasize the importance of a weekly close above the critical $85,000 level to avoid further downside risk toward $76,000. The cryptocurrency market remains uncertain amid global trade tensions and easing inflation concerns.
Weekly Close Above $85K Crucial for Bitcoin
Ryan Lee, chief analyst at Bitget Research, highlighted the significance of Bitcoin’s weekly close, 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. Macro factors like steady rates and cooling inflation support risk assets, but the Sunday close will be decisive.”
Bitcoin’s price has shown limited momentum recently, rising only 0.9% over the past week. A failure to close above $85,000 could lead to a retest of the previous week’s low at $76,600.
Long-Term Holder Accumulation Remains Positive
Despite short-term volatility, analysts suggest investors should focus on long-term holder accumulation trends. Enmanuel Cardozo, market analyst at Brickken, noted:
“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.”
Since early February, long-term holders have accumulated over $21 billion worth of Bitcoin, increasing their holdings by more than 250,000 BTC in less than two months.
Global Tariff Concerns Continue to Pressure Markets
Despite positive regulatory developments and crypto-specific news, global trade war fears are expected to weigh on market sentiment until at least early April, according to Nicolai Sondergaard, research analyst at Nansen.
Quick Summary
- Bitcoin must close the week above $85,000 to avoid potential downside toward $76,000.
- Long-term holders continue accumulating Bitcoin, signaling underlying market strength.
- Global trade tensions remain a significant factor influencing market direction.
