A senior executive at Deribit said Bitcoin must retake $85,000 to restore its long-term rally.

A slide toward $58,000 could help reset positioning and potentially revive demand for Bitcoin, according to a senior executive at Deribit.

Jean-David Péquignot, Deribit’s chief commercial officer, said Bitcoin’s broader uptrend has been technically “broken” and will remain under pressure unless the price reclaims $85,000. The cryptocurrency has traded between $60,000 and $70,000 over the past week, roughly 45% below the record high reached in October, and is heading toward a fourth consecutive weekly decline after falling beneath $85,000 in late January.

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

A sustained move back above $85,000 would indicate that buyers have absorbed the overhead supply that derailed the rally and regained control of the trend. Bitcoin was recently changing hands near $66,600, leaving it well below that key technical threshold and exposed to additional downside risk.

On the lower end, Péquignot pointed to $60,000 as the next significant support zone. The level nearly came into play earlier this month as Bitcoin declined alongside weakness in software stocks. He described $60,000 as a major psychological marker, where large buy walls and clusters of 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 closely watched by long-term investors as a potential bear-market floor. Since 2015, several Bitcoin downturns have bottomed near this indicator, cementing its reputation as a key level for bargain hunters. The average is currently positioned around $58,000, a zone that could attract renewed buying interest if tested.