Markets
What to know:
- It appears that our dear Bitcoin‘s long-term rally has suffered a rather unfortunate mishap, being deemed “broken” until it can regain its former glory above the lofty sum of $85,000, as expressed by the esteemed Jean-David Péquignot, chief commercial officer of the derivatives exchange known as Deribit.
- Mr. Péquignot further posits that should Bitcoin find itself languishing beneath the crucial support level of $60,000, the next destination on this tumultuous journey may well be the 200-week simple moving average, which is hovering around the rather dreary figure of $58,000.
- For the past week, the cryptocurrency has taken up residence in the rather modest range of $60,000 to $70,000, a mere shadow of its former self.
Indeed, Bitcoin’s once-magnificent long-term rally seems to have met with some rather distressing circumstances, remaining in a state of disarray until it manages to reclaim its rightful place above the fabled $85,000 mark, as noted by the astute Mr. Péquignot of Deribit.
The largest of cryptocurrencies has become somewhat complacent, settling into the lamentable range of $60,000 to $70,000 over recent days, a staggering 45% below the record heights it so gallantly achieved in October. As fate would have it, it is poised to endure its fourth consecutive week of decline, having descended from the exalted heights of $85,000 at the close of January.
“Until such time as the market regains the illustrious $85k, the longer-term chart remains decidedly broken, with the path of least resistance appearing to lead downward,” remarked Mr. Péquignot during an interview at the Consensus Hong Kong conference, where one might have expected more cheerful tidings.
Should our beleaguered Bitcoin rise above $85,000, it would serve as a reassuring confirmation that buyers have indeed established their dominion, having absorbed all the excess supply that has so tragically marred the long-term prospects. Alas, the Bitcoin price was recently languishing around $66,600, still far from Mr. Péquignot’s critical threshold, deeply entrenched within bear territory, where the prospects for further discomfort appear plentiful.
And speaking of discomfort, $60,000 stands as the next significant support level, a price that nearly came into play earlier this month as Bitcoin wilted alongside the misfortunes of software stocks. According to the sagacious Mr. Péquignot, this level represents a major psychological milestone, historically populated with large buy walls and numerous purchase orders.
“Should $60k fail to maintain its fortitude on a closing basis, the 200-week MA shall be our next logical, if not final, destination in this correction,” he elaborated, perhaps with a hint of dramatic flair.
The 200-week simple moving average (SMA), widely revered as the holy grail for those traders who fancy themselves bottom fishers-ever in search of bargains amid the depths of a bear market-has been closely monitored since 2015. Multiple Bitcoin bear markets have reached their nadirs near this average, which now resides around the rather disheartening sum of $58,000.
“Traders are likely to cast their sights upon the $58k-$60k range as the ultimate bastion of support,” observed Mr. Péquignot, as one might discuss a beloved character’s last stand in a most riveting novel.
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2026-02-13 14:36