{"id":124971,"date":"2025-03-13T07:16:03","date_gmt":"2025-03-13T07:16:03","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124971"},"modified":"2025-03-13T07:16:03","modified_gmt":"2025-03-13T07:16:03","slug":"bitcoin-must-secure-weekly-close-above-89k-to-confirm-bottom-has-passed","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124971","title":{"rendered":"Bitcoin must secure weekly close above $89K to confirm bottom has passed"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin must close the week above $89,000 to signal an end to the short-term downtrend, says a crypto analyst.<br \/>\n\u201cThe only way for Bitcoin to confirm that the bottom is actually in would be to close a weekly back above $89K,\u201d crypto analyst Matthew Hyland said in a video posted to X on March 13.<br \/>\nWithout $89,000 close, Bitcoin may head toward $69,000<br \/>\nBitcoin (BTC) last traded at $89,000 on March 7, a level Hyland considers crucial since it was the support area where Bitcoin ultimately ended up \u201cbreaking down below.\u201d After falling below $89,000, it dropped to $78,523 on March 11 before stabilizing in the low $80,000s.<br \/>\nWith Bitcoin currently trading at $83,406, a move above $89,000 would liquidate approximately $1.60 billion in short positions, as per CoinGlass data.<br \/>\nBitcoin is down 15.42% over the past month. Source: CoinMarketCapIf Bitcoin fails to close above it, Hyland warned the asset\u2019s price could drop to between $74,000 to $69,000, a level Bitcoin hasn\u2019t seen since November.<br \/>\n\u201cIt 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,\u201d he said.<br \/>\n\u201cIf 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,\u201d he said. Hyland said that it typically leads to further upside when Bitcoin breaks above a resistance level.<br \/>\nBitcoin demand in the US has declined<br \/>\nHowever, demand for Bitcoin in the US has been declining recently due to macroeconomic factors.<br \/>\nBitcoin\u2019s demand fell by 103,000 BTC last week compared to the previous week, \u201cmarking its fastest pace of contraction since July 2024,\u201d according to CryptoQuant.\u00a0<br \/>\nRelated: Bitcoin high-entry buyers are driving sell pressure, price may \u2018floor\u2019 at $70K<br \/>\nCryptoQuant said the recent decline in Bitcoin\u2019s demand in the US was due to uncertainty around US inflation rates and US President Donald Trump\u2019s imposed tariffs on Feb. 1.\u00a0<br \/>\nOn March 7, Federal Reserve chair Jerome Powell reiterated that he was in no hurry to adjust interest rates.<br \/>\nMagazine: Crypto fans are obsessed with longevity and biohacking: Here\u2019s why<br \/>\nThis 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.<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-weekly-close-89k-bottom-resume-uptrend-crypto-analyst?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin must close the week above $89,000 to signal an end to the short-term downtrend, says a crypto analyst. \u201cThe only way for Bitcoin to confirm that the&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124971"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124971"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124971\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124971"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}