Bitcoin Price Could Hit $69K If It Fails to Close Above $89K—Here’s Why

Bitcoin Price – Bitcoin Bulls Under Pressure: Is $89K the Make-or-Break Level?

Bitcoin Price – A crucial level for Bitcoin (BTC) is the $89,000 mark, as crypto analyst Matthew Hyland highlights. In a video posted on X on March 13, Hyland stated that Bitcoin must close the week above $89,000 to confirm an end to the short-term downtrend. Without this, Bitcoin risks falling further, with potential targets as low as $69,000.

Bitcoin’s Recent Price Movement and Crucial Support Levels

Bitcoin’s price recently dropped below the $89,000 support area, hitting a low of $78,523 on March 11 before stabilizing in the low $80,000s. As of March 13, Bitcoin is trading at approximately $83,406. If Bitcoin manages to push past $89,000, it would trigger a liquidation of $1.60 billion in short positions, according to CoinGlass data. However, if Bitcoin fails to close above this level, Hyland warns that Bitcoin’s price could decline further to a range between $74,000 and $69,000, a level not seen since November 2024.

Bitcoin’s Outlook: Testing Lower Ranges or Confirming a Reversal

Hyland believes that, unless a weekly close above $89,000 is achieved, Bitcoin could face additional downside risk. However, if the price does break above this resistance level, it could signal a reversal and lead to further upward momentum.

Declining Demand for Bitcoin in the U.S.

Despite the potential for recovery, Bitcoin’s demand in the U.S. has been weakening. According to CryptoQuant, Bitcoin demand fell by 103,000 BTC last week, marking the fastest contraction since July 2024. This drop is attributed to macroeconomic factors, including uncertainty around inflation rates and U.S. President Donald Trump’s tariffs imposed on February 1, 2025. Additionally, Federal Reserve Chair Jerome Powell reiterated that he was in no rush to adjust interest rates, contributing to market uncertainty.

Bitcoin’s future trajectory remains closely tied to these critical levels and the broader economic context.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.