Analyst says Bitcoin needs to close above $89,000 to confirm trend reversal

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by Giorgi Kostiuk

2 years ago

A crypto analyst has stated that Bitcoin must reach $89,000 to confirm the end of the current downtrend.

The crucial $89,000 level for reversal

Bitcoin last traded at $89,000 on March 7, a level considered crucial as it was the support area where the breakdown occurred. After falling below this level, the price dropped to $78,523 on March 11, stabilizing in the low $80,000s.

Implications of failing to surpass $89,000

If Bitcoin doesn't close above $89,000, analyst Matthew Hyland warns that the price could drop to between $74,000 and $69,000, levels not seen since November. However, achieving a close above this level might indicate a bottom.

Decline in Bitcoin demand in the US

Bitcoin demand in the US fell by 103,000 BTC last week, marking the fastest pace of contraction since July 2024. This decline is attributed to macroeconomic factors, including uncertainty surrounding US inflation rates and tariffs imposed on February 1.

The Bitcoin market is experiencing significant volatility, and reaching the $89,000 level remains critical for confirming the end of the downtrend.

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