Bitcoin Price Update

Bitcoin rose above $84,000 yesterday following lower-than-expected CPI data, with investors now targeting higher levels.

Analyst Insights

One analyst noted that Bitcoin needs to close above $89,000 to confirm an uptrend. Cryptocurrency analyst Matthew Hyland expressed caution, stating it is premature to declare the downtrend over. Hyland emphasized that a weekly close above $89,000 would indicate that Bitcoin has bottomed out. Conversely, if Bitcoin does not surpass this level, it could fall to between $74,000 and $69,000.

Key Points:

• If Bitcoin achieves a weekly close above $89,000, the uptrend will gain momentum.
• Failure to break this resistance might result in further decline.
• A substantial breakthrough usually leads to further price increases.

Hyland concluded that a weekly close above $89,000 could signify the end of the downtrend, preventing prices from dropping to the lower range.

*This is not investment advice.