BTC long-term rally is ‘broken’ until price reclaims $85,000, Deribit executive says
A Deribit executive states Bitcoin's long-term rally is broken until the price surpasses $85,000.Summary
Jean-David Péquignot, Chief Commercial Officer of Deribit, asserted that Bitcoin's long-term rally remains "broken" unless the price decisively climbs above $85,000, a level that would confirm buyer control. Currently trading in the $60,000 to $70,000 range, Bitcoin is significantly below its record high. Péquignot indicated that if the $60,000 major psychological support level fails on a closing basis, the next critical support would be the 200-week Simple Moving Average (SMA), currently around $58,000, which historically marks bear market lows.
If Bitcoin were to drop to $58,000, Péquignot suggested this could reignite buying momentum. The article also briefly mentions that JPMorgan maintained an overweight rating on Coinbase despite cutting its price target following Q4 earnings misses.
(Source：CoinDesk)