Bitcoin (BTC) price may see more downside next week unless it closes above $85,000

Bitcoin (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

Bitcoin analysts are closely watching the weekly close to assess the cryptocurrency’s price trajectory for the coming week, as both traditional and crypto markets remain directionless amid a mix of global trade war fears and easing inflation concerns.

Bitcoin (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:

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 Market 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 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.

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