Headline: Deribit exec: Bitcoin’s long-term rally “broken” until price reclaims $85,000 Bitcoin’s longer-term uptrend remains “broken” and is likely to stay that way until the price climbs back above $85,000, Jean-David Péquignot, chief commercial officer of derivatives exchange Deribit, warned at the Consensus Hong Kong conference. After peaking in October, BTC has spent the past week roughly in a $60,000–$70,000 band — about 45% below its record high — and is on track for a fourth straight weekly decline. The token slipped under $85,000 at the end of January and has recently traded near $66,600–$67,300, well below Péquignot’s make-or-break level. “Until the market reclaims $85k, the longer-term chart remains broken, and the path of least resistance technically remains lower,” he said, arguing that a sustained move above $85,000 would signal buyers have absorbed the supply that damaged the long-term outlook. Key support levels to watch - $60,000: Péquignot flagged this as the next major support and a key psychological level where large buy orders have historically clustered. Bitcoin nearly tested this area earlier this month when it fell alongside a sell-off in software stocks. - 200-week simple moving average (SMA) / ~$58,000: If $60,000 fails on a closing basis, Péquignot said the 200-week SMA is the “next logical, and possibly final stop” for the correction. The 200-week SMA is widely tracked by traders hunting for bear-market lows and is currently around $58,000. Traders will be watching whether BTC can reclaim $85,000 to confirm renewed long-term bullish control, or if a breach of the $60k–$58k zone will extend the correction. Read more AI-generated news on: undefined/news

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