10 hours ago
News Bitcoin must secure weekly close above $89K to confirm bottom has passed
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMTIvMDE5NDAwMjAtYzMyZi03MmM1LTg3ZDgtODQ5N2JkMzgzMjAw.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMTIvMDE5NDAwMjAtYzMyZi03MmM1LTg3ZDgtODQ5N2JkMzgzMjAw.jpg" alt="Bitcoin must secure weekly close above $89K to confirm bottom has passed"></p><p>Bitcoin must close the week above $89,000 to signal an end to the short-term downtrend, says a crypto analyst.<p>“The only way for Bitcoin to confirm that the bottom is actually in would be to close a weekly back above $89K,” crypto analyst Matthew Hyland <a data-ct-non-breakable="null" href="https://x.com/MatthewHyland_/status/1899981232672563710" rel="null" target="null" text="null" title="null">said</a> in a video posted to X on March 13. </p><h2>Without $89,000 close, Bitcoin may head toward $69,000</h2><p>Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) last traded at $89,000 on March 7, a level Hyland considers crucial since it was the support area where Bitcoin ultimately ended up “breaking down below.” After falling below $89,000, it dropped to $78,523 on March 11 before stabilizing in the low $80,000s.</p><p>With Bitcoin currently trading at $83,406, a move above $89,000 would liquidate approximately $1.60 billion in short positions, as <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationMap" rel="null" target="null" text="null" title="null">per</a> CoinGlass data.</p><figure><img alt="Cryptocurrencies, Markets" src="https://s3.cointelegraph.com/uploads/2025-03/01958e07-033c-7693-bbba-84a0d63a473f" title=""><figcaption style="text-align: center;"><p><em>Bitcoin is down 15.42% over the past month. Source: </em><a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank" text="null" title="https://coinmarketcap.com/currencies/bitcoin/"><em>CoinMarketCap</em></a></p></figcaption></figure><p>If Bitcoin fails to close above it, Hyland warned the asset’s price could drop to between $74,000 to $69,000, a level Bitcoin hasn’t seen since November.</p><p>“It probably is likely at this point that going into the coming weeks or the coming months, Bitcoin will likely test this lower range at some point of support,” he said.</p><p>“If we do get a weekly close above this area, I think the low is in for Bitcoin, and we are not going down to this area,” he said. Hyland said that it typically <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-dominance-reaches-new-highs-alts-fade" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-dominance-reaches-new-highs-alts-fade">leads to further upside</a> when Bitcoin breaks above a resistance level.</p><h2>Bitcoin demand in the US has declined</h2><p>However, demand for Bitcoin in the US has been declining recently due to macroeconomic factors.</p><p>Bitcoin’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-spike-valuation-metrics-bearish-crypto-analyst" rel="null" target="null" text="null" title="null">demand fell by 103,000 BTC last week</a> compared to the previous week, “marking its fastest pace of contraction since July 2024,” according to CryptoQuant. </p><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-high-entry-buyers-sell-pressure-btc-retrace-possible" rel="null" target="null" text="null" title="null"><em><strong>Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K</strong></em></a></p><p>CryptoQuant said the recent decline in Bitcoin’s demand in the US was due to uncertainty around US inflation rates and US President Donald Trump’s imposed tariffs on Feb. 1. </p><p>On March 7, Federal Reserve chair Jerome Powell reiterated that he was in <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/federal-reserve-rate-cuts-delay-may-trigger-bear-market-analyst" rel="null" target="null" text="null" title="null">no hurry to adjust interest rates</a>.</p><p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-fans-obsessed-longevity-biohacking-why/" rel="null" target="null" text="null" title="null"><em><strong>Crypto fans are obsessed with longevity and biohacking: Here’s why</strong></em></a></p><p class="post-content__disclaimer" type="">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p><template data-name="subscription_form" data-type="markets_outlook" label="Subscription Form: Markets Outlook"></template></p>
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https://cointelegraph.com/news/bitcoin-p...er_inbound
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMTIvMDE5NDAwMjAtYzMyZi03MmM1LTg3ZDgtODQ5N2JkMzgzMjAw.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMTIvMDE5NDAwMjAtYzMyZi03MmM1LTg3ZDgtODQ5N2JkMzgzMjAw.jpg" alt="Bitcoin must secure weekly close above $89K to confirm bottom has passed"></p><p>Bitcoin must close the week above $89,000 to signal an end to the short-term downtrend, says a crypto analyst.<p>“The only way for Bitcoin to confirm that the bottom is actually in would be to close a weekly back above $89K,” crypto analyst Matthew Hyland <a data-ct-non-breakable="null" href="https://x.com/MatthewHyland_/status/1899981232672563710" rel="null" target="null" text="null" title="null">said</a> in a video posted to X on March 13. </p><h2>Without $89,000 close, Bitcoin may head toward $69,000</h2><p>Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) last traded at $89,000 on March 7, a level Hyland considers crucial since it was the support area where Bitcoin ultimately ended up “breaking down below.” After falling below $89,000, it dropped to $78,523 on March 11 before stabilizing in the low $80,000s.</p><p>With Bitcoin currently trading at $83,406, a move above $89,000 would liquidate approximately $1.60 billion in short positions, as <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationMap" rel="null" target="null" text="null" title="null">per</a> CoinGlass data.</p><figure><img alt="Cryptocurrencies, Markets" src="https://s3.cointelegraph.com/uploads/2025-03/01958e07-033c-7693-bbba-84a0d63a473f" title=""><figcaption style="text-align: center;"><p><em>Bitcoin is down 15.42% over the past month. Source: </em><a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank" text="null" title="https://coinmarketcap.com/currencies/bitcoin/"><em>CoinMarketCap</em></a></p></figcaption></figure><p>If Bitcoin fails to close above it, Hyland warned the asset’s price could drop to between $74,000 to $69,000, a level Bitcoin hasn’t seen since November.</p><p>“It probably is likely at this point that going into the coming weeks or the coming months, Bitcoin will likely test this lower range at some point of support,” he said.</p><p>“If we do get a weekly close above this area, I think the low is in for Bitcoin, and we are not going down to this area,” he said. Hyland said that it typically <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-dominance-reaches-new-highs-alts-fade" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-dominance-reaches-new-highs-alts-fade">leads to further upside</a> when Bitcoin breaks above a resistance level.</p><h2>Bitcoin demand in the US has declined</h2><p>However, demand for Bitcoin in the US has been declining recently due to macroeconomic factors.</p><p>Bitcoin’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-spike-valuation-metrics-bearish-crypto-analyst" rel="null" target="null" text="null" title="null">demand fell by 103,000 BTC last week</a> compared to the previous week, “marking its fastest pace of contraction since July 2024,” according to CryptoQuant. </p><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-high-entry-buyers-sell-pressure-btc-retrace-possible" rel="null" target="null" text="null" title="null"><em><strong>Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K</strong></em></a></p><p>CryptoQuant said the recent decline in Bitcoin’s demand in the US was due to uncertainty around US inflation rates and US President Donald Trump’s imposed tariffs on Feb. 1. </p><p>On March 7, Federal Reserve chair Jerome Powell reiterated that he was in <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/federal-reserve-rate-cuts-delay-may-trigger-bear-market-analyst" rel="null" target="null" text="null" title="null">no hurry to adjust interest rates</a>.</p><p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-fans-obsessed-longevity-biohacking-why/" rel="null" target="null" text="null" title="null"><em><strong>Crypto fans are obsessed with longevity and biohacking: Here’s why</strong></em></a></p><p class="post-content__disclaimer" type="">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p><template data-name="subscription_form" data-type="markets_outlook" label="Subscription Form: Markets Outlook"></template></p>
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https://cointelegraph.com/news/bitcoin-p...er_inbound