Ah, Bitcoin, that delightful little rascal! It simply must close the week above a rather lofty $89,000 to signal the end of its short-term sulk, according to our ever-so-astute crypto analyst. 🎩
“The only way for Bitcoin to confirm that the bottom is actually in would be to close a weekly back above $89K,” quipped the ever-optimistic Matthew Hyland in a video posted to X on this fine day, March 13. How charming! 😏
Without $89,000 close, Bitcoin may head toward $69,000
Our dear Bitcoin last flirted with the $89,000 mark on March 7, a level Hyland deems crucial, as it was the support area where Bitcoin ultimately decided to have a little breakdown. After its dramatic fall below $89,000, it plummeted to a rather dismal $78,523 on March 11 before finding a cozy spot in the low $80,000s. Oh, the drama! 🎭
Currently, Bitcoin is prancing around at $83,406. Should it manage to leap above $89,000, it would liquidate a staggering $1.60 billion in short positions, according to the ever-reliable CoinGlass data. Quite the spectacle! 💰
However, if our dear Bitcoin fails to close above that magical number, Hyland warns that it could tumble down to a rather dreary $74,000 to $69,000, a level it hasn’t graced since November. How positively tragic! 😱
“It 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,” he mused, with a hint of sarcasm.
“If 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,” he added, with all the confidence of a seasoned performer. Hyland believes that breaking above a resistance level typically leads to further upside. How optimistic! 🌟
Bitcoin demand in the US has declined
But alas, the demand for Bitcoin in the US has been waning, thanks to those pesky macroeconomic factors. 😒
Bitcoin’s demand fell by a staggering 103,000 BTC last week compared to the previous week, marking its fastest pace of contraction since July 2024, according to the ever-watchful CryptoQuant.
CryptoQuant attributes this decline to the uncertainty surrounding US inflation rates and the tariffs imposed by none other than President Donald Trump on February 1. Oh, the irony! 🥴
On March 7, Federal Reserve chair Jerome Powell reiterated that he was in no hurry to adjust interest rates. How reassuring! 💤
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2025-03-13 09:40