Bitcoin Traders Diverge on Future as Price Remains Rangebound

Bitcoin's price has been stuck in a rangebound construction for most of May, with key resistance at $82,000 still unbroken. This has led to increased uncertainty among traders, who are now split on whether the cryptocurrency will continue to hover around this level or break below it.

Analyst JDK Analysis notes that the price remains within its value zone, rotating just above the range high. However, CGT Trader warns that the support zone may be retested and predicts a likely break below it. This sentiment is echoed by BitBull, who sees the risk of a protracted period of downside BTC price pressure.

On the other hand, some traders remain optimistic about Bitcoin's prospects. Cryptic Trades expects the cryptocurrency to follow in the footsteps of US stock markets and post new all-time highs. Meanwhile, trader Cai Soren believes that bulls have stepped in instantly to defend support, keeping momentum strong for continuation higher.

Data from CoinGlass shows that the impact of rangebound moves has led to $330 million in liquidations over 24 hours, with both long and short positions affected roughly equally.