Deribit executives say that the long-term upward trend of Bitcoin has been disrupted and it needs to return to $85,000 to recover

Péquignot stated that if Bitcoin's closing price falls below the key support level of $60,000, the next possible target is $58,000. This moving average is widely regarded as an important indicator for "bottom seekers," and since 2015, several bear market lows have approached this moving average.

Currently, Bitcoin has maintained a trading range between $60,000 and $70,000 over the past week, down about 45% from the historical high set in October, and is heading towards a fourth consecutive week of decline.