Bitcoin needs to reclaim $85,000 to resume long-term rally
According to a statement from a Deribit representative, bitcoin's long-term bullish momentum will be considered "broken" until the first cryptocurrency returns to the $85,000 level. The current price decline to $58,000 could, on the contrary, trigger a new wave of buying, but for the full-fledged bull trend to resume, bitcoin needs to overcome this important psychological barrier.
Against the backdrop of lingering macroeconomic uncertainty and increased risks of cryptocurrency market regulation, investors are exercising caution. However, analysts believe that if the bitcoin price falls below $60,000, demand for the first cryptocurrency may increase, as many market participants will view it as an attractive entry point for long positions.
At the same time, for bitcoin to return to the full-fledged bull trend observed in 2021, the coin needs to move back above the key psychological level of $85,000. Only in this case, according to Deribit experts, will the long-term upward dynamics of the cryptocurrency be considered restored.