Bitcoin needs a weekly close above $85,000 to avoid a correction to $76,000, analysts say
A weekly close of Bitcoin above $85,000 will be "critical to regain upward momentum," amid ongoing concerns about the trade war, analysts told Cointelegraph.
Bitcoin needs a weekly close above $85,000 to avoid a correction to $76,000, analysts say
NEWS
Bitcoin analysts are closely watching the weekly close to assess the cryptocurrency's price trajectory for the next week, as both traditional and crypto markets remain directionless amid a mix of global trade war fears and easing inflation concerns.
The price of Bitcoin
BTC
R$ 502,265
may face further declines next week unless it manages to close above the psychological mark of $85,000, according to Ryan Lee, chief analyst at Bitget Research.
"The Bitcoin relief rally after the FOMC meeting and the lower CPI reading caused analysts to see a weekly close above $85,000 as critical to regain upward 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 an even clearer bullish confirmation. Macro factors such as stable interest rates and slowing inflation favor risk assets, but Sunday’s close will be decisive."
