Analyst says that bitcoin needs to be closed weekly above this level to confirm the market bottom
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In x mail It was published, published by the Crypto analyst, Matthew Hilland, that, according to the weekly period of time, Bitcoin (BTC) is likely to test the support level ranging from 69,000 dollars to $ 74,000 in the coming months.
Is Bitcoin down?
Hailand noted that BTC’s weekly resistance level is currently hovering around the level of $ 90500. The analyst confirmed that if BTC has a weekly closure above $ 89,000, this may indicate that the bottom of the market is present. He added:
If we get a weekly closure over this region ($ 89,000 to $ 91,000), I think the depression is in bitcoin, and we do not go to this field.
As a reminder, BTC was last traded above $ 89,000 earlier this month on March 9. From there, the cryptocurrency witnessed a collapse to low price levels, due primarily to the uncertainty in the macroeconomic economy due to US President Donald Trump’s tariff for many countries.
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According to data from Binance Cryptocurrency Exchange, after failing to defend the level of $ 89,000, BTC ended up with a decrease of $ 76606 on March 10. Since then, digital assets have been made Slight recoveryBacked by US consumer price inflation data is less than expected and is currently being traded at the level of $ 80,000.
BTC faces strong resistance at $ 8,6100
Likewise, in Quicktake recently mail On Cryptoquant, Yonsi_dent analyst is the most important significant price (STH) in determining the future price path of digital assets.
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For beginners, the price of the achieved Bitcoin indicates the average cost of acquisition for investors while STH refers to BTC holders for less than six months. These investors are usually more sensitive to market movements.
The analyst noted that the average price of STHS who occupied BTC for a week to six months lies about 91800 dollars, indicating that these investors are currently losing.
The three STH Cohort collection has six months at a achieved price of $ 86100, indicating a strong resistance to the short term in the short term. It is worth noting that this group of its holders has the highest percentage of the maximum cuts between Sths, which suggests that the sale pressure can wander around this price level.
Regarding the main support levels, their LTH holders (LTH) with a decade of six months to twelve months have a achieved price of $ 63,700. The post adds:
The highest level of size over the past year is about 64,000 dollars. This enhances the idea that this field can be a strong support level.
If BTC fails to scan some levels of immediate resistance, there is a high possibility that Arthur Hayes may follow prediction It is found on the bottom about $ 70,000. However, several indicators Suggest BTC may be emerging with less than its current market price. At the time of the press, BTC is trading at $ 81,745, an increase of 0.7 % in the past 24 hours.
Distinctive image from Unsplash, Chart from TradingView.com
