Viewpoint: $85,000 is the key watershed for this round of BTC's upward movement, $58,000-$60,000 is the ultimate support zone

Odaily News Deribit's Chief Commercial Officer, Jean-David Péquignot, stated at the Consensus HK conference that Bitcoin's long-term uptrend has currently been broken. Until the price reclaims the $85,000 level, the technical upward structure will be difficult to repair. Recently, Bitcoin's price has primarily fluctuated within the $60,000 to $70,000 range, representing a retracement of approximately 45% from the all-time high in October last year, and it may record its fourth consecutive weekly decline. If Bitcoin breaks above $85,000 again, it would signify that buyers have largely absorbed the previously market-suppressing supply and have regained market dominance. At this stage, traders generally view the $58,000 to $60,000 range as the key ultimate support zone for this adjustment cycle. (CoinDesk)