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I had to look at this analysis from Deribit about Bitcoin and I found it quite interesting. Basically, the folks there are saying that the long-term upward trend is kind of broken at the moment. And do you know why? Because BTC needs to recover the $85k to really confirm that everything is okay.
Looking at the current numbers, Bitcoin is around $73.95K, which means there's still a significant gap to recover that level. According to Deribit's executive, until we see Bitcoin recover and consolidate above that $85K mark, we can't say that the rally is secure.
It's like that critical point that all traders keep an eye on. If BTC manages to recover this level, then we can breathe easy and say that the long-term scenario is confirmed. Meanwhile, we're in this limbo, right? It makes sense if you think in terms of resistance and support.