Jean-David Péquignot, chief commercial officer at Deribit, stated that Bitcoin's long-term rally remains 'broken' until it surpasses $85,000. Currently trading around $66,600, Bitcoin has been fluctuating between $60,000 and $70,000, significantly below its October peak. Péquignot emphasized that reclaiming $85,000 is crucial for a bullish outlook, as it would indicate buyers have absorbed excess supply. Péquignot highlighted $60,000 as a critical support level, with significant buy orders historically present. If Bitcoin fails to maintain this level, the 200-week simple moving average, around $58,000, could serve as the final support during this correction. This average has been a key indicator for traders seeking to capitalize on bear-market lows since 2015.