Bitcoin’s long-term rally is ‘broken’ until it reclaims $85,000, Deribit executive says

A bitcoin price drop to $58,000 could reignite buying momentum. What to know : Bitcoin's long-term rally is "broken" and will remain so until the price climbs above $85,000, said Jean-David Péquignot, chief commercial officer of derivatives exchange Deribit. Péquignot said that if bitcoin closes below the key $60,000 support level, the next likely target is its 200-week simple moving average near $58,000. The cryptocurrency has been trading between $60,000 and $70,000 for about a week.