Bitcoin Risks Breaking Below Support as $82K Resistance Holds

Bitcoin traders are increasingly divided on Bitcoin’s next move as the price fails to break above the $82,000 resistance level. Multiple analysts suggest the cryptocurrency risks starting a new downtrend if support levels fail to hold.

Support Levels Under Threat

Trading account JDK Analysis noted that Bitcoin remains in a rangebound pattern, rotating just above the key range high. This construction, in place through most of May, is bordered by a CME futures gap and a 200-day trend line to the upside. With both levels holding, market participants are now expecting the bottom of the range to be retested.

“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,” said trader CGT Trader.

Another trader, BitBull, warned of a potential prolonged period of downside pressure. They noted that Bitcoin failed to reclaim the $82,000 level again, signaling weakness.

Contrasting Views and Market Optimism

Not all traders are bearish. Some see potential for Bitcoin to catch up with US stock markets, which continue to hit new all-time highs. “$BTC is going to play a massive catch-up in the upcoming weeks,” predicted Cryptic Trades.

Trader Cai Soren pointed to Bollinger Band signals, suggesting bulls “stepped in instantly” to defend support. “As long as support keeps holding, momentum still looks strong for continuation higher,” they said.

Liquidation Data Shows Uncertainty

Market data reflects the uncertainty. CoinGlass reported approximately $330 million in total liquidations over 24 hours, with long and short positions roughly equally affected. This balanced liquidation pattern indicates traders are betting on both directions without a clear winner.

Ultimately, Bitcoin’s next move likely hinges on whether support levels around $76,000 to $78,000 hold or break. If they fail, a more significant correction may be in store. But if support holds, the bullish case for a catch-up to equities could play out. As always, readers should conduct independent research and understand the risks before making investment decisions.

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