Bitcoin’s Long-Term Rally Declared “Broken” by Deribit Executive
- Bitcoin’s price is currently around $66,600, significantly below the critical level of $85,000.
- The cryptocurrency has remained in the $60,000 to $70,000 range for the past week.
- This marks a decline of approximately 45% from its all-time high reached in October.
- If Bitcoin fails to hold above $60,000, the next support level is around the crucial $58,000 mark based on the 200-week moving average.
- Jean-David Péquignot from Deribit emphasized that reclaiming $85,000 is essential for reversing the current bearish trend.
The current situation highlights Bitcoin’s struggle as it remains below key psychological levels and faces potential further declines if support fails at $60,000. The focus now shifts to whether it can regain momentum above $85,000 to restore bullish sentiment.
As Bitcoin hovers near $66,600 and approaches critical support at $60,000, traders are closely watching these levels for signs of market recovery or further downturns. (Source)
