Bitcoin must secure weekly close above $89K to confirm bottom has passed 📉
Bitcoin must close the week above $89,000 to signal an end to the short-term downtrend, according to crypto analyst Matthew Hyland. Hyland emphasized that closing above this level would confirm the bottom is in for Bitcoin.
Currently trading at $83,406, Bitcoin last traded at $89,000 on March 7. If Bitcoin fails to close above it, Hyland warned the asset's price could drop to between $74,000 to $69,000.
Demand for Bitcoin in the US has declined due to macroeconomic factors, as reported by CryptoQuant. The fastest pace of contraction in Bitcoin demand occurred last week.
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