Deribit executives say Bitcoin's long-term uptrend has been broken and it needs to return to $85,000 to recover.
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According to ME News, on February 13th (UTC+8), Péquignot stated that if Bitcoin's closing price breaks below the key support level of $60,000, the next potential target is $58,000. 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 approximately 45% from its all-time high in October, and is heading towards its fourth consecutive week of decline. (Source: ME)
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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