Bitcoin (BTC) price is expected to rise to $89,000 or hit the lower support at $69,000, according to crypto analyst Matthew Hyland.

In a recent video posted to X, previously known as Twitter, Hyland said that if Bitcoin fails to close above $89,000 on the weekly chart, it will likely fall to the $74,000 to $69,000 range.

"We’re going to have to get a weekly close above $89,000 for this bottom to hold," Hyland said.

If Bitcoin does move above $89,000, it will liquidate roughly $1.60 billion in short positions, according to data from CoinGlass.

Bitcoin price chart

As of Wednesday, March 13, BTC is trading at $83,754. The price is currently above the 200-day simple moving average of $83,754, which may indicate that the bulls are attempting a comeback.

The failure of the bears to capitalize on the drop below the 200-day SMA shows that selling dries up at lower levels. However, if the price turns down from the current level, it will signal a continuation of the bear market.

The crucial support to watch out for is at $73,777, which is expected to be defended fiercely by buyers. A drop below this level may pull the BTC/USDT pair to $67,000.

On the other hand, if the buyers manage to drive the price above the 20-day exponential moving average of $86,717, it will signal that the break below the 200-day SMA may have been a bear trap. The BTC/USDT pair could rise to the 50-day SMA of $93,876 and, after that, to the $100,000 psychological barrier.