Bitcoin traders slowly turn more bearish on the next BTC price move, with a new 'downtrend' now on the table after $82,000 resistance stays in place.
Bitcoin traders split between a "massive catch-up" with stocks and the start of its "next downtrend" as BTC price action failed to flip $82,000 to support.
Bitcoin traders are beginning to sway toward a support retest or even a new "downtrend" for BTC/USD. Rangebound crypto markets spark $330 million in liquidations over 24 hours. Bitcoin traders are increasingly split on where BTC/USD will go next, but calls for lower levels are growing.
“For now, price remains in range, within value, rotating just above the very key ‘range high,’” trading account JDK Analysis wrote in its, that rangebound construction, in place through most of May, is bordered by a CME futures gap and a key 200-day trend line to the upside. With both staying in place for now, market participants are starting to assume that the bottom of the range will be retested instead.
“Now it’s important to watch how price reacts at the support zone we already bounced from once before. In my opinion, we will likely break below it this time,” CGT Trader Trader BitBull went further, seeing the risk of a protracted period of downside BTC price pressure about to enter.
Bitcoin price history suggests 77% odds of new all-time high within a year“As long as support keeps holding, momentum still looks strong for continuation higher,” Soren forecast.shows the impact of rangebound moves across crypto markets, with 24-hour liquidations roughly equal across both long and short positions.and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
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