Bitcoin weekly close above $85K critical to avoid $76K correction

Bitcoin’s (CRYPTO:BTC) price trajectory hinges on a weekly close above $85,000 to sustain bullish momentum, analysts warn, as markets navigate trade war uncertainties and mixed macroeconomic signals.

A failure to hold this level risks a correction to $76,000, according to Bitget Research’s Ryan Lee, who emphasised the psychological threshold’s role in signaling strength.

Lee noted that a close above $85,000 could prevent downside risks, while surpassing $87,000 would provide clearer bullish confirmation.

Bitcoin’s relief rally following the Federal Open Market Committee (FOMC) meeting and cooling inflation data has tempered bearish sentiment, though macroeconomic headwinds persist.

Bitcoin’s price has shown muted movement, rising just 0.9% over the past week, with analysts eyeing long-term holder accumulation as a key indicator of underlying strength.

Enmanuel Cardozo of Brickken highlighted that long-term holders have added over 250,000 BTC since February, accumulating over $21 billion in Bitcoin during this period.

Glassnode data reveals the total supply held by long-term holders grew from 13.1 million BTC on February 11 to over 13.3 million by March 22, signaling sustained confidence despite short-term volatility.

Nansen’s Nicolai Sondergaard cautioned that global tariff fears could pressure markets until at least April 2, underscoring the need for Bitcoin to maintain technical support levels amid broader economic uncertainty.

While analysts remain divided on near-term prospects, the interplay between macroeconomic factors and on-chain accumulation dynamics will likely dictate Bitcoin’s path forward.

At the time of reporting, the Bitcoin (BTC) price was $85,755.77.