February 13 News, Deribit Chief Business Officer Jean-David Péquignot stated at the Hong Kong Consensus Conference that the long-term upward trend of Bitcoin has been “broken,” and unless the price returns above $85,000, the market remains biased toward downside. Over the past week, Bitcoin has fluctuated between $60,000 and $70,000, down approximately 45% from its all-time high in October last year, recently approaching $66,600, indicating it is still in a bear market phase and may face further correction pressure.
Péquignot pointed out that breaking above $85,000 would confirm buyers’ control of the market and absorb all long-term downward pressure. However, before that, technical charts show the downward path remains relatively smooth, with $60,000 regarded as an important psychological support level. If Bitcoin fails to hold this level, the 200-week simple moving average (SMA) at around $58,000 will become a potential final support, as historical bear market lows have often approached this moving average, making it a key area for long-term investors to consider for bottom fishing.
He warned traders that the $58,000 to $60,000 range could become the critical bottom of this correction cycle and an important position to capture buying opportunities. Despite increased short-term volatility, from a long-term perspective, Bitcoin’s price needs to rise significantly to rebuild a bullish trend. Péquignot’s analysis emphasizes the importance of technical levels and psychological price points in Bitcoin trading, while also cautioning investors to pay attention to key support levels and potential downside risks.
As market sentiment fluctuates, whether Bitcoin can break through key resistance will determine the trend in the coming weeks. Investors should closely monitor whether the price can hold above $60,000 and near the historical support at $58,000, while also paying attention to the impact of global macroeconomic conditions and digital asset trading dynamics on the price.
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