In a recent X post shared yesterday, crypto analyst Matthew Hyland pointed out that the weekly timeframe chart suggests Bitcoin (BTC) may test support levels between $69,000 and $74,000 in the upcoming months.
Is The Bottom for Bitcoin Established?
Hyland indicated that BTC’s current weekly resistance level is around $90,500. He stressed that a weekly close above $89,000 could signify that the market bottom has been reached. He elaborated:
If we achieve a weekly close above this zone ($89,000 to $91,000), I believe the low for Bitcoin is set, and we won’t drop to this range again.
It’s worth noting that BTC last traded above $89,000 on March 9. Following that, the cryptocurrency faced a drop to lower price levels, mainly due to increasing macroeconomic uncertainties stemming from US President Donald Trump’s trade tariffs affecting multiple countries.
Data from cryptocurrency exchange Binance reveals that after failing to maintain the $89,000 level, BTC plummeted to $76,606 on March 10. Since then, the digital asset has seen slight recovery, boosted by lower-than-expected US CPI inflation data, and is currently hovering in the low $80,000 range.
BTC Encounters Strong Resistance at $86,100
In a recent Quicktake update on CryptoQuant, analyst Yonsei_dent discussed the importance of the short-term holder (STH) Realized Price in assessing the future price path of the digital asset.
For those unfamiliar, Bitcoin’s Realized Price is defined as the average acquisition cost for investors, while STH indicates holders who have retained BTC for less than six months. These investors are typically more reactive to market shifts.
The analyst noted that the weighted average Realized Price for STHs holding BTC for one week to six months is approximately $91,800, implying these investors are presently in a loss position.
Furthermore, the three-month to six-month STH cohort has a Realized Price of $86,100, marking a significant resistance point for the digital asset in the near term. Notably, this segment of holders possesses the largest share of Realized Cap among STHs, suggesting potential selling pressure could intensify around this price point.
Regarding crucial support levels, long-term holders (LTH) with a holding period of six months to one year demonstrate a Realized Price of $63,700. The post further states:
The highest volume profile over the last year is concentrated around $64,000, reinforcing the notion that this area may function as a robust support level.
Should BTC struggle to surpass some of its immediate resistance levels, it may align with Arthur Hayes’s prediction of finding a bottom near $70,000. However, various indicators suggest that BTC could be undervalued at its present market price. As of now, BTC is trading at $81,745, marking a 0.7% increase over the last 24 hours.
