According to Mars Finance, Péquignot stated that if Bitcoin's closing price falls 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.
Deribit executive: Bitcoin's long-term uptrend has been broken; it needs to return to $85,000 to recover.
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