Bitcoin Price Stagnation Sparks Fears of Downtrend

Bitcoin's price action has been characterized by a lack of momentum, with the cryptocurrency failing to break above the crucial $82,000 level. This stagnation has led some traders to speculate that the market is poised for a potential downtrend, with one analyst warning that the price may 'likely break below' support levels.

According to data from CoinGlass, the crypto market has experienced significant liquidations in recent hours, with over $330 million lost across both long and short positions. This suggests that market participants are becoming increasingly risk-averse as the price remains rangebound.