Source: Cointelegraph Original: "{title}"
A cryptocurrency analyst stated that Bitcoin (BTC) must close above $89,000 this week to indicate that the short-term downtrend has ended.
Cryptocurrency analyst Matthew Hyland mentioned in a video posted on social platform X on March 13: "The only way to confirm that Bitcoin has truly formed a bottom is for the weekly closing price to return above $89,000."
If it cannot close above $89,000, Bitcoin may drop to $69,000.
The last trading price of Bitcoin at $89,000 was on March 7, and Hyland believes this price level is crucial because it was the support area that Bitcoin ultimately "broke below." After falling below $89,000, Bitcoin dropped to $78,523 on March 11, and then stabilized just above $80,000.
According to CoinGlass data, Bitcoin is currently trading at $83,406, and if it rises above $89,000, approximately $1.6 billion in short positions will be liquidated.
Bitcoin has dropped 15.42% in the past month. Source: CoinMarketCap
Hyland warned that if Bitcoin's closing price cannot exceed this level, its price may fall between $74,000 and $69,000, a price range that Bitcoin has not touched since last November.
He also stated: "If we can indeed achieve a weekly closing price above this area, I believe the bottom for Bitcoin has been reached, and it will not drop to this range again." Hyland noted that when Bitcoin breaks through resistance levels, it usually triggers further upward momentum.
Demand for Bitcoin in the U.S. has declined.
However, due to macroeconomic factors, demand for Bitcoin in the U.S. has been decreasing recently.
According to cryptocurrency analysis platform CryptoQuant, demand for Bitcoin last week decreased by 103,000 BTC compared to the previous week, "marking the fastest contraction rate since July 2024."
CryptoQuant stated that the recent decline in U.S. demand for Bitcoin is due to uncertainty regarding U.S. inflation rates and the tariff measures implemented by U.S. President Trump on February 1.
On March 7, Federal Reserve Chairman Jerome Powell reiterated that he is not in a hurry to adjust interest rates.
Related: ETH/BTC drops to a 5-year low, traders suggest shifting to stronger altcoins.
This article does not contain investment advice or recommendations. Every investment and trading action carries risks, and readers should conduct their own research when making decisions.
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