Cryptocurrency

Analysis: BTC needs to close above the key support level of $82,000 this week to avoid further declines due to disappointment among short-term investors

ChainCatcher news, according to Cointelegraph, Bitfinex analysts stated that the federal government's lack of direct investment in Bitcoin has led to a "short-term negative reaction in the market and a decline in Bitcoin prices." Bitcoin needs to close above the key support level of $82,000 this week to avoid further declines due to disappointment among short-term investors. Analysts emphasized that investors had originally expected the federal government to accumulate Bitcoin, which would demonstrate strong institutional support, but the approach of relying solely on existing holdings without increasing investments has weakened those expectations.Nexo analyst Iliya Kalchev pointed out that, in addition to crypto-related legislation, macroeconomic developments and global trade concerns continue to put pressure on Bitcoin prices. Next week, the market will focus on the U.S. Consumer Price Index and employment report, which will serve as important indicators for inflation slowdown and potential interest rate cuts.On the technical side, Bitcoin's Relative Strength Index (RSI) is at 28, indicating that the asset is in an oversold state. Analyst Rekt Capital noted that every time the RSI reaches 28 in the current cycle, Bitcoin's price "either hits the bottom or is only 2% to 8% away from the bottom."
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