TechFlow News, February 13: According to a CoinDesk report, Jean-David Péquignot, Chief Commercial Officer of cryptocurrency derivatives exchange Deribit, stated that Bitcoin’s long-term bullish trend has been “broken,” and can only be restored if the price climbs back above $85,000.
Speaking to reporters during the Hong Kong Consensus Conference, Péquignot noted that if Bitcoin’s closing price falls below the critical support level of $60,000, the next potential target would be around $58,000—near its 200-week simple moving average (SMA). This SMA is widely regarded as a key indicator for “bottom-finders,” with multiple bear market lows since 2015 occurring close to this level. Currently, Bitcoin has been trading within a range of $60,000 to $70,000 over the past week—a roughly 45% decline from its all-time high reached in October—and is on track for its fourth consecutive weekly decline.
