Analysis: BTC needs to close this week above key $82,000 support to avoid further declines as short-term investors disappoint

On March 9th, according to Cointelegraph, Bitfinex analysts stated that the lack of direct investment in Bitcoin by the federal government led to "short-term market negative reactions and a decline in Bitcoin prices." Bitcoin needs to close above the key support level of $82,000 this week to avoid further decline due to disappointment from short-term investors. Analysts emphasized that investors originally expected strong institutional support from the federal government accumulating Bitcoin, but the practice of relying solely on existing holdings without increasing investment weakened these expectations.

Nexo analyst Iliya Kalchev pointed out that besides crypto-related legislation, macroeconomic developments and global trade concerns continue to weigh on Bitcoin prices. The market will focus on the US consumer price index and job reports next week, as these data will serve as important indicators of inflation slowing down and potential rate cuts.

Technically, the relative strength index (RSI) for Bitcoin is at 28, indicating that the asset is oversold. Analyst Rekt Capital pointed out that in the current cycle, whenever the RSI reaches 28, the Bitcoin price either "bottoms out, or is only 2% to 8% away from the bottom."