Bitcoin must secure a weekly close above $89,000 to confirm that the short-term downtrend has passed, according to a crypto analyst. Matthew Hyland emphasized the significance of Bitcoin closing the week above $89,000 to validate the end of the downward trend. Without achieving this milestone, Bitcoin might head towards $69,000, as Hyland cautioned. The cryptocurrency last traded at $89,000 on March 7, a critical support level that Bitcoin broke below. Currently trading at $83,406, a move above $89,000 could lead to the liquidation of approximately $1.60 billion in short positions. Hyland suggested that if Bitcoin fails to close above $89,000, its price could drop to the range of $74,000 to $69,000, a level not seen since November. He mentioned that breaking above a resistance level typically results in further upside for Bitcoin. While the demand for Bitcoin in the US has decreased due to macroeconomic factors, including uncertainty around inflation rates and tariffs, the Federal Reserve chair’s decision not to adjust interest rates has impacted the market. This decline in demand led to the fastest pace of contraction since July 2024, according to CryptoQuant. As Bitcoin’s price movements continue to be influenced by various factors, investors are advised to conduct thorough research before making any investment decisions.