BTC struggles to convert $82,000 resistance into support, sparking concerns of a potential retest of lower levels.
Bitcoin’s inability to sustain levels above $82,000 has raised concerns among traders about a possible downtrend. The cryptocurrency remains rangebound, failing to flip key resistance into support, despite recent attempts to break higher.
The current trading range, active through most of May, is bordered by a CME futures gap and a 200-day trend line. Analysts note that repeated failures to breach $82,000 could lead to a retest of lower support levels, with some predicting a break below.
Over the past 24 hours, rangebound price action triggered $330 million in liquidations, reflecting market indecision. Traders are divided between expectations of a catch-up rally with equities or a deeper pullback.