Bitcoin’s broader upward trend remains under strain and may stay that way unless the price decisively reclaims the 85000 level, according to a senior executive at derivatives exchange Deribit. Market participants are increasingly focused on whether the world’s largest cryptocurrency can regain lost momentum after weeks of consolidation and repeated downside pressure.
Bitcoin has been trading in a relatively tight band between 60000 and 70000 over the past week, reflecting uncertainty among investors. The asset remains significantly below its previous record high set late last year and has struggled to build sustained upside traction since slipping beneath the 85000 threshold in January. Technical analysts say that this zone now represents a critical inflection point for sentiment.
Deribit’s chief commercial officer Jean David Péquignot recently noted that until Bitcoin closes convincingly above 85000, the longer term chart structure suggests vulnerability rather than strength. In technical analysis, reclaiming a major breakdown level often signals that buyers have absorbed supply and reasserted control. Without that confirmation, traders tend to assume that rallies may be temporary and that the broader corrective phase is still active.
Attention is also turning to the 60000 level, which many market participants view as a psychological and structural support area. Historically, strong buy interest has emerged near round number thresholds, especially during periods of heightened volatility. Earlier this month, Bitcoin approached that zone as risk assets, including technology shares, faced selling pressure. The level held, but analysts caution that repeated tests can weaken support over time.
If Bitcoin were to close decisively below 60000, technical models indicate that the next potential area of interest lies near the 200 week simple moving average, currently positioned around 58000. The 200 week moving average has long been monitored by long term investors as a benchmark for major cycle lows. During previous bear market phases, Bitcoin found support near this metric, reinforcing its reputation as a key structural indicator.
Market participants are therefore watching the 58000 to 60000 range closely. A decline toward that region could attract renewed accumulation from investors seeking long term entry points, particularly if macroeconomic conditions remain stable. At the same time, derivatives markets continue to reflect cautious positioning, with traders hedging exposure while awaiting clearer directional signals.
The broader digital asset market remains sensitive to shifts in liquidity, interest rate expectations, and performance in equity markets. For now, Bitcoin’s ability to defend critical support while attempting to reclaim higher resistance levels will likely shape short term trading behavior and longer term positioning strategies across the crypto ecosystem.
