Bitcoin must close the week above $89,000 to signal an end to the short-term downtrend, says a crypto analyst.

“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 said in a video posted to X on March 13.

Without $89,000 close, Bitcoin may head toward $69,000

Bitcoin (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 “breaking down below.” After falling below $89,000, it dropped to $78,523 on March 11 before stabilizing in the low $80,000s.

With Bitcoin currently trading at $83,406, a move above $89,000 would liquidate approximately $1.60 billion in short positions, as per CoinGlass data.

Bitcoin is down 15.42% over the past month. Source:

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