Bitcoin Needs to Reclaim $85,000 for Long-Term Rally, Says Deribit Exec

A recent statement suggests that Bitcoin's rally is halted until it hits $85,000 again, with a drop to $58,000 potentially spurring renewed buying.

A top executive from Deribit has stated that Bitcoin's long-term upward trend is currently disrupted until the cryptocurrency manages to reclaim the pivotal threshold of $85,000. This price point is seen as crucial for restoring investor confidence and momentum.

Furthermore, it is speculated that if Bitcoin experiences a dip to around $58,000, this could potentially spark a resurgence in buying activity, as market participants might view this as an attractive entry point.