Bitcoin Needs Weekly Close Above This Level To Confirm Market Bottom, Analyst Says
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In X postal Crypto analyst Matthew Hyland posted yesterday that Bitcoin (BTC) could test support levels between $69,000 and $74,000 in the coming months, according to the weekly schedule chart.
Is Bitcoin bottom?
Hyland noted that BTC’s weekly resistance level is currently hovering between $90,500. Analysts stress that if BTC closes above $89,000 per week, it may indicate the bottom of the market. He added:
If we do get a weekly close ($89,000 to $91,000) in the region, I think the low for Bitcoin is that we won’t lower the region.
In retrospect, BTC traded $89,000 for the last time earlier on March 9. From there, cryptocurrencies have experienced a breakdown of lower price levels, mainly due to the increase in macroeconomic uncertainty by U.S. President Donald Trump in numerous countries.
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BTC ended up falling $76,606 after failing to defend the $89,000 level on March 10, according to cryptocurrency exchange binary. Since then, digital assets have become Slight recoverydriven by lower than expected U.S. CPI inflation data, is currently trading as low as $80,000.
BTC faces strong resistance at $86,100
Similarly, in recent QuickTake postal In terms of encryption, analyst Yonse_dent highlights the significance of short-term holders (STHs) in determining the future price trajectory of digital assets.
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For uninspired people, the realization price of Bitcoin refers to the average acquisition cost for investors, while STH refers to holders who hold BTC for less than six months. These investors are often more sensitive to market changes.
The analyst noted that the weighted average realized price of STH, which holds BTC for one week to six months, is about $91,800, indicating that these investors are currently in a loss-making state.
The three-month to six-month price of the STH cohort is $86,100, indicating a strong level of resistance for short-term digital assets. It is worth noting that this group of holders has the highest upper limit in STH, suggesting that sales pressure can amplify this price level.
Regarding the main support level, the realization price for long-term holders (LTH) with a holding period of six to twelve months is $63,700. The post adds:
The highest volume of data in the past year has been concentrated around $64,000. This reinforces the idea that the field can serve as a strong level of support.
If BTC fails to clear some of its direct resistance levels, it is likely to follow Arthur Hayes prophecy Look for a bottom of about $70,000. That is, there are several indicators suggestion The BTC may be undervalued at current market prices. At press time, BTC traded at $81,745, up 0.7% over the past 24 hours.
Featured images from Unsplash, charts from TradingView.com
