TechFlow to a report by CoinDesk on February 13, Jean-David Péquignot, Chief Business Officer of crypto derivatives exchange Deribit, stated that Bitcoin's long-term upward trend has been "broken" and can only recover if the price climbs back above $85,000.
In an interview during the Consensus Conference in Hong Kong, Péquignot pointed out that if Bitcoin's closing price falls below the key support level of $60,000, the next possible target is around $58,000, near its 200-week simple moving average. This moving average is widely regarded as an important indicator of a "bottom finder," and since 2015, multiple bear market lows have approached this level. Currently, Bitcoin has been trading between $60,000 and $70,000 over the past week, down about 45% from its all-time high in October, and is heading towards its fourth consecutive week of decline.
