$BTC

Bitcoin Rally Will Not Resume Until It Reclaims $85,000 — Deribit Chief Commercial Officer
According to Deribit Chief Commercial Officer Jean-David Péquignot, Bitcoin must move above $85,000 to restore its long-term uptrend. For nearly a week, Bitcoin has been trading between $60,000 and $70,000.
Speaking at a conference in Hong Kong, he stated that unless the market regains the $85,000 level, the long-term chart should be considered technically broken. From a technical perspective, he added that the path of least resistance currently points downward.
Current Situation
Bitcoin is approximately 45% below its October record high. After falling below $85,000 in late January, it has been declining for the fourth consecutive week.
The current price is around $66,600, which remains significantly below the level required for a trend reversal.
Key Support Levels
First Major Support: $60,000
Earlier this month, this level was nearly tested when Bitcoin declined alongside software stocks. It is considered a major psychological level where significant buy orders have appeared in the past.
Next Target: 200-Week Simple Moving Average
If Bitcoin fails to hold $60,000 on a closing basis, the next potential target would be the 200-week simple moving average, currently near $58,000. This is being viewed as the possible final logical stop in the current correction.
Historical Pattern
The 200-week simple moving average is widely regarded by traders as an important indicator for identifying bear market bottoms. Since 2015, Bitcoin has formed bottoms near this level during multiple bear markets, which is why market participants closely monitor this metric.
According to Péquignot, the $58,000 to $60,000 zone should be considered the final support area. If historical patterns continue, a dip into this range could trigger new buying momentum. However, there is no guarantee that past performance will repeat under current market conditions.
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