A deeper correction toward $58,000 could help stabilize sentiment and set the stage for renewed accumulation in Bitcoin, according to a senior executive at Deribit.

Jean-David Péquignot, Deribit’s chief commercial officer, said Bitcoin’s broader uptrend has been technically “broken” and will remain so unless the price reclaims the $85,000 level. The cryptocurrency has traded within a $60,000 to $70,000 range over the past week, roughly 45% below the all-time high it reached in October. It is also on pace for a fourth consecutive weekly decline after dropping below $85,000 in late January.

“Until the market reclaims $85k, the longer-term chart remains broken, and the path of least resistance technically remains lower,” Péquignot said during an interview at the Consensus Hong Kong conference.

A sustained move above $85,000 would indicate that buyers have absorbed the excess supply that undermined the previous rally and regained control of the trend. Bitcoin was recently trading near $66,600, leaving it well below that key technical threshold and exposed to further downside risk.

On the downside, Péquignot highlighted $60,000 as the next major support zone. The market nearly tested that level earlier this month as Bitcoin declined alongside weakness in software stocks. He described $60,000 as an important psychological marker, where large buy walls — clusters of substantial purchase orders — have historically been concentrated.

“If $60k fails to hold on a closing basis, the 200-week MA is the next logical, and possibly final stop for this correction,” he said.

The 200-week simple moving average (SMA) is widely regarded by long-term traders as a key bear-market floor and a preferred entry point for bargain hunters. Since 2015, several Bitcoin downturns have bottomed near this indicator, reinforcing its significance in technical analysis. The average is currently situated around $58,000, a level that could attract renewed buying interest if tested.