Bitcoin’s long-term rally is ‘broken’ until it reclaims $85,000, Deribit executive says
Analysis
Price Impact
HighA deribit executive states that bitcoin's long-term rally is 'broken' until it reclaims $85,000. key support levels at $60,000 and the 200-week sma at $58,000 are identified as critical, with a potential drop to these levels if $60,000 fails to hold.
Trustworthiness
HighThe analysis comes from jean-david péquignot, chief commercial officer of deribit, a major derivatives exchange. his insights are based on technical analysis (key support/resistance levels, 200-week sma) and market sentiment, lending significant credibility.
Price Direction
BearishThe current price action is described as being in 'bear territory,' with the path of least resistance technically remaining lower until $85,000 is reclaimed. failure to hold $60,000 could lead to a drop to $58,000, signaling further downside potential.
Time Effect
ShortWhile the 'long-term rally' is mentioned, the immediate focus is on the current correction, key support levels ($60k, $58k) and the need for a short-to-medium term rebound to $85k to re-establish a bullish long-term trend. the 'final stop for this correction' implies a more immediate time horizon for these movements.
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Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email 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. By Omkar Godbole | Edited by Sheldon Reback Feb 13, 2026, 10:19 a.m. Make us preferred on Google Deribit's Jean-David Péquignot on stage at Consensus Hong Kong (Isaac Lawrence/Consensus Deribit's Jean-David Péquignot on stage at Consensus Hong Kong (Isaac Lawrence/Consensus modified by CoinDesk)) 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. Bitcoin's BTC $ 66,977.68 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. The largest cryptocurrency has settled into the $60,000 to $70,000 range in the past week, some 45% below the record high it hit in October. It's on track to fall for a fourth straight week, and dropped below $85,000 at the end of January. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . "Until the market reclaims $85k, the longer-term chart remains broken, and the path of least resistance technically remains lower," Péquignot said in an interview during the Consensus Hong Kong conference. Rising above $85,000 would confirm that buyers have established control, having soaked up all the supply that wrecked the long-term outlook. The bitcoin price was recently near $66,600, well below Péquignot's make-or-break level, and deep in bear territory with room for more pain. Speaking of the pain, $60,000 is the next big support, a price that nearly came into play early this month as bitcoin wilted alongside software stocks. According to Péquignot, it is a major psychological level, where large buy walls, or multiple purchase orders, have historically resided. "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 as the holy grail for bottom fishers, or traders hunting bargains at bear-market lows to time their bullish bets. Since 2015, multiple bitcoin bear markets have hit lows near this average, which is why traders now track it closely. The average is currently located at around $58,000. "Traders would be looking at the $58k–$60k range as the ultimate support," Péquignot said. Consensus Hong Kong 2026 Markets Bitcoin News More For You Accelerating Convergence Between Traditional and On-Chain Finance in 2026? By CoinDesk Jan 30, 2026 Commissioned by Societe Generale-FORGE Read full story More For You Wall Street analysts cut Coinbase price targets following Q4 earnings miss By Will Canny , AI Boost | Edited by Sheldon Reback 29 minutes ago JPMorgan said weak crypto markets pressured fourth-quarter results, but backs Coinbase’s strategy of investing through the cycle and returning capital via buybacks. What to know : JPMorgan maintained an overweight rating on Coinbase stock while cutting its price target to $252 after fourth-quarter earnings and Ebitda missed forecasts. Broker Canaccord cut its Coinbase price target to $300 from $400, while maintaining a buy rating. Trading volumes and retail take rates at the crypto exchange declined, prompting the investment bank to lower its forward fee assumptions. Read full story Latest Crypto News Wall Street analysts cut Coinbase price targets following Q4 earnings miss 29 minutes ago Recapping Consensus Hong Kong 1 hour ago Crypto execs Armstrong, Garlinghouse among many named to U.S. CFTC advisory group 11 hours ago Coinbase misses Q4 estimates as transaction revenue falls below $1 billion 12 hours ago Bitcoin tumbles back near last week's lows as AI fears crush tech and precious metals plunge 13 hours ago Crypto PAC Fairshake seeks to force resistant Texas Democrat Al Green from U.S. House 14 hours ago Top Stories Key Senate Democrat wants U.S. crypto bill to move, and SEC chief reveals danger of defeat 16 hours ago Ark Invest's Cathie Wood says bitcoin will thrive amid ‘deflationary chaos’ created by AI and innovation 16 hours ago Aave labs proposes ‘Aave Will Win’ plan to send 100% of product revenue to DAO 15 hours ago