While Bitcoin rose above $84,000 yesterday following the below-expected CPI data, investors are now eyeing higher levels.
At this point, one analyst said that Bitcoin needs to close above $89,000 to confirm the uptrend.
Cryptocurrency analyst Matthew Hyland said it is too early to say that Bitcoin’s deep downtrend is over.
The analyst said that Bitcoin needs to close the week above $89,000 to say that the downtrend is over and the uptrend has begun.
Hyland warned that a weekly close above $89,000 would confirm that Bitcoin has bottomed, and that if BTC fails to close above that level, the price could drop to between $74,000 and $69,000.
“If Bitcoin makes a weekly close above 89,000, the uptrend will strengthen. However, if it cannot break this resistance level, there may be a further decline.
Breaking through resistance usually leads to further upside.
“If we get a weekly close above $89,000, I think the bottom has come for Bitcoin. If that happens, we won’t see Bitcoin price go down to $74,000 to $69,000.”
*This is not investment advice.
