According to online reports, crypto analyst Matthew Hyland said on social media that Bitcoin needs to close above $89000 on the weekly chart to confirm that the short-term downtrend is over. Hyland believes that $89000 is the key level because this is the support area where Bitcoin will eventually "break". Hyland warned that if Bitcoin fails to close above that level, the price could fall to the $74000 to $69000 range, a level not seen since November last year. "Bitcoin is likely to test this lower support area in the coming weeks or months," he said.