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.”
BTC/USD, 1-year chart. Source: Cointelegraph
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.
BTC: Total supply held by long-term holders, year-to-date chart. Source: Glassnode
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%
BTC/USD, 1-day chart. Source: Cointelegraph/TradingView
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
Read the full article here