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$BTC Bitcoin’s long-term rally is ‘broken’ until it reclaims $85,000, Deribit executive says
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.
"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.
$BTC 🔥🔥🔥 Strategy founder Michael Saylor has revealed the firm plans to convert its $6 billion in bond debt into equity — a move that reduces debt on the balance sheet.
“Strategy can withstand a drawdown in $BTC price to $8,000 and still have sufficient assets to fully cover our debt,” stated the firm on X on Sunday, prompting Saylor’s response.
The Bitcoin ($BTC ) treasury company currently holds $49 billion in Bitcoin reserves with a stash of 714,644 $BTC .
Its convertible debt is around $6 billion, so $BTC would need to fall around 88% for the two to be equal, and it still has enough to cover the debt, the firm explained.
$COAI How COAI’s price can rally by 45% after hitting THIS key resistance
As the broader market begins to recover, ChainOpera (COAI) is grabbing the attention of crypto enthusiasts. Not only because of its massive 39% price uptick, but also because the rally appears to be opening the door for further upside.
After hiking by over 39% in just 24 hours, the altcoin’s price hit the $0.445 level. At the same time, a significant surge in market participation was recorded, with the same evidenced by the 340% spike in trading volume to $36.64 million. Such a sharp increase in volume could be a sign of heightened interest from traders and investors .
Previously, COAI had fallen by more than 95% on the charts. Following its most recent gains, it remains to be seen whether the crypto will continue its upside or face a period of correction.
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