Bitcoin must secure a weekly closure above $ 89,000 to confirm the bottom has passed
The encryption analyst says Bitcoin should close the week over $ 89,000 to indicate an end to the short term configuration.
“The only way for Bitcoin to confirm that the bottom will actually be a weekly closure above 89 thousand dollars,” Matthew Hayland, the encryption analyst He said In a video posted on X on March 13.
Without closing $ 89,000, Bitcoin may go about $ 69,000
Bitcoin (BTCThe last time it was traded at $ 89,000 on March 7, Hyland is very important because it was the support zone in which Bitcoin ended in the “collapse below”. After declining to less than 89,000 dollars, it decreased to $ 78,523 on March 11 before settling at $ 80,000.
With Bitcoin currently trading at 83,406 dollars, a step of more than $ 89,000 will lead to a liquidation of about $ 1.60 billion in short positions, per Coinglass data.
Bitcoin 15.42 % decreased during the past month. source: Coinmarketcap
If Bitcoin fails to close over it, Hyland warns that the price of the original may decrease between 74,000 dollars to $ 69,000, unprecedented Bitcoin since November.
He said: “It is possible that it will be possible in these coming weeks or months, Bitcoin is likely to test this lowest scope at some point in support.”
He said: “If we get a weekly closure over this area, I think the depression is in Bitcoin, and we do not go to this field.” Hayland said it is usually It leads to more upward trend When bitcoin is broken above the resistance level.
Bitcoin’s request decreased in the United States
However, the demand for bitcoin in the United States has recently decreased due to macroeconomic factors.
Bitcoin The demand decreased by 103,000 BTC last week Compared to the previous week, “discrimination is the fastest contraction since July 2024”, according to Cryptoquant.
Cryptoquant said the recent decrease in Bitcoin’s request in the United States was due to uncertainty about inflation rates in the United States and the definitions of US President Donald Trump on February 1.
On March 7, Federal Reserve Chairman Jerome Powell reported that he was in No hurry to set interest rates.
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This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.
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