Bitcoin traders are growing more bearish on the cryptocurrency's next price move. Resistance at $82,000 remains unbroken, opening the door to a potential downtrend.
Market participants are shifting their outlook on Bitcoin after the digital asset failed to turn the $82,000 level into support. This resistance has stayed firmly in place, prompting analysts to flag the possibility of a break lower in the near term.
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Bitcoin price has fallen below $78,000, placing immediate focus on whether buyers can defend the $76,000 support zone or face a deeper decline toward $70,000.
Bitcoin traders are holding out for one more price dip before expecting the uptrend to resume with new highs.
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Bitcoin has slipped below the $78,000 threshold in latest trading sessions.
Bitcoin slipped about 2% to near $64,000 following the Federal Reserve's decision to hold interest rates steady while signaling a possible rate hike later this year. The move came during Chair Kevin Warsh's first meeting on June 17.
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Bitcoin briefly climbed to just under $78,000 on Tuesday before retreating below $76,000 following a reported $1.289 billion block sale of BlackRock's IBIT shares. The move occurred as US stock indexes posted gains amid optimism over a potential Middle East agreement announced by President Trump. Bitcoin traded near $76,000 after the reversal.