Bitcoin needs weekly close above $85K to avoid correction to $76K: Analysts

A Bitcoin weekly close above $85,000 will be “critical for resuming upside momentum,” amid ongoing trade war concerns, analysts told Cointelegraph.

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'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:

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