Bitcoin must close a week above USD 89,000 to signal a low -term lowering ending, says a cryptographic analyst.
“The only way to confirm that Bitcoin will confirm that the bottom is in fact would be to close every week above $ 89,000”, cryptographic analyst Matthew Hyland he said In a film published until October 13.
Without closing $ 89,000, Bitcoin can go in the direction of $ 69,000
Bitcoin (BTC) recently sold USD 89,000 on March 7, the Hyland level is considered key, because it was a support area in which Bitcoin finally finished “breaking below.” After a decline below USD 89,000, it dropped to 78,523 USD on March 11, before it stabilized in low USD 80,000.
Because Bitcoin is currently trading USD 83,406, a traffic above USD 89,000 would liquidate about USD 1.60 billion in low positions as for Couminggass data.
Bitcoin has fallen by 15.42% over the past month. Source: Coinmarketcap
If Bitcoin did not close above, Hyland warned that the price of assets could drop to 74,000 to USD 69,000, he has not seen Bitcoin from November.
“Probably at the moment, probably in the coming weeks or in the coming months, Bitcoin will probably test this lower range at a certain point of support,” he said.
“If we take a week near this area, I think Bitcoin is low and we don’t go to this area,” he said. Hyland said that this usually leads to further growth when Bitcoins are bursting above the resistance level.
The demand for bitcoins in the US has dropped
However, the demand for bitcoins in the US has recently dropped due to macroeconomic factors.
Bitcoin’s demand dropped by 103,000 BTC last week compared to the previous week, “marking the fastest shrinkage pace since July 2024”, according to Cryptochan.
Related: Bitcoin buyers of high enthusiasm drive sales pressure, the price can “floor” at USD 70,000
Cryptoquant said that a recent decrease in Bitcoin’s demand in the US was caused by uncertainty about US inflation rates and imposed tariffs of US President Donald Trump on February 1.
On March 7, the chairman of the Federal Reserve Jerome Powell repeated that he was in no hurry to adjust the interest rates.
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