Bitcoin’s long-term bullish structure remains under pressure and will stay that way unless the price climbs back above $85,000, according to Jean-David Péquignot.
Speaking during a recent industry event in Hong Kong, he outlined the critical technical levels that could determine whether Bitcoin resumes its broader uptrend , or slides deeper into correction territory.
Current Market Structure
Bitcoin is currently trading within the $60,000–$70,000 range, consolidating after a sharp pullback from its all-time high in October.
The asset remains roughly 45% below its peak and has struggled to regain strong upside momentum.
According to him:
“Until the market reclaims $85K, the longer-term chart remains broken, and the path of least resistance technically remains lower.”
In simple terms:
🔴 Below $85K → Long-term trend remains weak
🟢 Above $85K → Buyers regain structural control
Why $85,000 Matters
The $85K level represents:
A major supply zone where heavy selling previously occurred
A technical breakout confirmation level
A signal that long-term bullish momentum has returned
Reclaiming this zone would indicate that buyers have absorbed prior selling pressure and regained control.
Key Support Levels to Watch
1️⃣ $60,000 : Psychological Support
The next major support lies at $60,000, a strong psychological level where significant buy interest has historically appeared.
If Bitcoin closes decisively below $60K, downside pressure could accelerate.
2️⃣ $58,000 : 200-Week Moving Average
If $60K fails, the next likely target is around $58,000, near the 200-week simple moving average (SMA).
This level is widely tracked by long-term investors because:
Multiple past bear markets have bottomed near this average
It often acts as a major cycle support
Long-term capital closely monitors it
The $58K–$60K zone is viewed as the ultimate support range for this correction phase.
Could a Drop to $58K Be Constructive?
A move toward $58K wouldn’t necessarily mean long-term damage. In fact, such a decline could:
Flush out excessive leverage
Trigger strong dip-buying
Reset market sentiment
Build a stronger base for future upside
Sometimes, deeper corrections lay the foundation for stronger rallies.
Conclusion
Bitcoin is currently at a critical technical crossroads:
Above $85K → Bullish structure restored
Below $60K → Risk of testing $58K
$58K–$60K → Major long-term support zone
Until $85K is reclaimed, the broader chart structure remains technically under pressure , and the next decisive move will likely be defined by how the market reacts around these key levels.