Opinion: $85,000 is the key watershed for this round of BTC upward movement, while $58,000-$60,000 is the ultimate support zone.

Deribit Chief Commercial Officer Jean-David Péquignot stated at the Consensus HK conference that Bitcoin's long-term upward trend has been broken, and the technical uptrend is unlikely to be repaired until the price reclaims $85,000. Recently, Bitcoin's price has mainly traded in the $60,000 to $70,000 range, a pullback of approximately 45% from its all-time high last October, and is likely to record its fourth consecutive week of decline. If Bitcoin breaks through $85,000 again, it would mean that buyers have largely absorbed the supply that previously suppressed the market, regaining market dominance. Currently, traders generally consider the $58,000 to $60,000 range to be the key ultimate support area for this correction cycle. (CoinDesk)