Deribit Executive Makes Bullish Statement for Bitcoin: “Bitcoin Needs to Break This Level to Get Back on the Rally!”

Bitcoin (BTC) experienced very sharp declines in the four-month downtrend that began in October. During this period, BTC fell as low as $60,000 before quickly recovering above $70,000.

However, BTC was unable to maintain this level and fell back to the 66,000-67,000 dollar range.

While there is no consensus among analysts regarding Bitcoin’s direction, Deribit’s CCO stated that BTC needs to surpass $85,000 to re-enter a long-term uptrend.

According to CoinDesk, Deribit Chief Commercial Officer (CCO) Jean-David Péquignot, speaking at the Consensus Hong Kong Conference, stated that Bitcoin’s long-term uptrend has been broken and that it needs to surpass $85,000 to regain it.

Deribit’s CCO also stated that if Bitcoin closes below the key support level of $60,000, the price could fall to the 200-week simple moving average around $58,000. He added that this level would be an important support for Bitcoin.

“If Bitcoin fails to hold above the $60,000 level on a closing basis, the 200-week moving average will be the next logical and likely final stop for this correction. Investors see the $58,000 to $60,000 range as the ultimate support level.”

According to experts, the 200-week simple moving average (SMA) is closely watched by investors waiting for a bottom and those looking for opportunities at bull market lows. Since 2015, many Bitcoin bear markets have reached bottoms near this average, which is why investors place so much importance on it.

*This is not investment advice.

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