According to ChainCatcher, Deribit Chief Business Officer Jean-David Péquignot stated at the Consensus HK conference that Bitcoin's long-term upward trend has been broken, and the technical uptrend structure is unlikely to be repaired until the price returns to $85,000.
Bitcoin prices have recently been trading primarily in the $60,000 to $70,000 range, a pullback of approximately 45% from last year's all-time high, and are likely to record their fourth consecutive week of decline. If Bitcoin breaks through $85,000 again, it would mean that buyers have largely absorbed the supply that previously suppressed the market, regaining market dominance. Currently, traders generally consider the $58,000 to $60,000 range to be the key ultimate support area for this correction cycle.
