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Bitcoin (BTC) price entered the week’s final hours, holding steady above $85,000, a key psychological level. Analysts see the March 24 close as crucial for confirming or invalidating the current bullish structure.
According to TradingView, BTC traded at $87,710 at press time, up 1.5% on the day and 0.9% on the week.
$85K Close to Decide Bullish Momentum
Bitcoin price’s weekly close near $85,000 has become a major point of focus.
Ryan Lee, chief analyst at Bitget Research, said that holding this level would “prevent a drop to $76,000” and “signal strength,” while a move to $87,000 would “confirm a stronger bullish breakout.”
Rekt Capital highlighted early signs of a bullish daily RSI breakout. “The Daily RSI is showcasing early signs of retesting the downtrend dating back to Nov. 2024 as new support,” the analyst posted on X.
Matthew Hyland pointed to a rare weekly bullish RSI divergence forming. “BTC can make weekly bullish divergence for the first time since Sept. tonight,” he wrote.
Support Holds, But Liquidation Risks Build Below
Despite Bitcoin price strength above $87.7K, several traders are warning of liquidation risks below.
CrypNuevo pointed out that BTC recently retested its weekly 50-week exponential moving average (EMA)—a key bull market support level.
“We bounced off it but often consolidate there. All good as long as $77K holds,” he said.
CrypNuevo warned of “a motive to retrace” due to high liquidity and stop-loss clusters between $81K and $82.7K. “The main liquidations in low-time frame are currently to the downside,” he said, suggesting that retail long positions may soon be flushed.
Saylor Eyes More BTC as Strategy Accumulates
Michael Saylor, co-founder of Strategy, hinted at another BTC purchase following the firm’s latest preferred stock raise.
Saylor posted a chart on March 23 captioned “needs more orange,” signalling a potential buy when markets reopen Monday.
According to SaylorTracker, Strategy’s last purchase was on March 17, when it acquired 130 BTC for $10.7 million. The firm now holds 499,226 BTC. Despite a recent slowdown, it sits on over $9.3 billion in unrealized gains.
5M BTC Now Held by Long-Term Holders
On-chain data supports the bullish thesis.
Glassnode reported that long-term holders added over 250,000 BTC since Feb. 11, pushing the total held from 13.1 million BTC to over 13.3 million.
Enmanuel Cardozo, analyst at Brickken, said long-term accumulation “is what we should be paying attention to,” rather than short-term volatility.
Stockmoney Lizards echoed this view, saying the recent dip to $76,000 didn’t invalidate the broader trend.
“This correction doesn’t invalidate the uptrend—it confirms it,” they wrote.
Crypto Stocks Slide Despite Bitcoin Price Resilience
Outside the charts, crypto stocks continue to underperform BTC.
Coinbase shares dropped from $350 in Nov. 2024 to $190, erasing $38 billion in market cap. Strategy’s stock fell from $106 billion to $79 billion. Robinhood lost $18 billion in value as it eyes BitStamp acquisition.
Mining firms like Mara Holdings, Riot Blockchain, and Hut 8 also saw their valuations plunge. BTC’s decline from its Jan. high of $109,300 to $85,000 has dented margins.
A weekly close above $85K would strengthen bullish arguments, especially with RSI breakouts, Saylor’s renewed buying interest, and 5M BTC now in strong hands.
But failure to hold $77K could unleash a new wave of liquidations—especially as 5M BTC sits exposed to market volatility if key levels fail.
