Bitcoin won’t revive its broader bull trend until it reclaims the $85,000 level, according to a Deribit executive.

A further pullback toward $58,000 may be needed to reset the market before fresh buying interest emerges in Bitcoin, according to an executive at Deribit.

Jean-David Péquignot, the exchange’s chief commercial officer, said Bitcoin’s long-term bullish structure has been technically “broken” and will remain impaired unless the price climbs back above $85,000. Over the past week, Bitcoin has hovered between $60,000 and $70,000, sitting roughly 45% below the record high it reached in October. The cryptocurrency is also on track for a fourth straight weekly loss after slipping under $85,000 toward the end of January.

“Until the market reclaims $85k, the longer-term chart remains broken, and the path of least resistance technically remains lower,” Péquignot said during the Consensus Hong Kong conference.

A decisive move above $85,000 would signal that buyers have absorbed the overhead supply that disrupted the broader rally and reestablished upward momentum. Bitcoin was recently trading near $66,600, leaving it well below that pivotal level and vulnerable to further declines.

On the downside, Péquignot identified $60,000 as a critical support area. The market nearly tested that level earlier this month as Bitcoin weakened alongside software stocks. He described $60,000 as a key psychological threshold where sizable buy walls — clusters of large purchase orders — have historically formed.

“If $60k fails to hold on a closing basis, the 200-week MA is the next logical, and possibly final stop for this correction,” he said.

The 200-week simple moving average (SMA) is widely followed by long-term investors as a potential bear-market floor. Since 2015, multiple Bitcoin downturns have found support near this indicator, reinforcing its importance among traders seeking value during corrections. The average is currently situated around $58,000, a level that could attract renewed accumulation if reached