According to Golden Finance, crypto analyst Matthew Hyland said on social media that Bitcoin needs to close above $89,000 on the weekly chart to confirm that the short-term downtrend has ended. Hyland believes that $89,000 is the key level, as this is the support area for Bitcoin to eventually “break”. Hyland warned that if Bitcoin fails to close above that level, the price could fall to the $74,000 range, level that Bitcoin has not seen since November last year. "Bitcoin will likely test this lower support area in the coming weeks or months," he said.