An analysis suggests that concerns about further declines in the market are growing as BTC failed to convert the $82,000 resistance line into a support zone. According to Cointelegraph, famous BTC trader JDK explained, “BTC is still moving within a box range and has failed to break through key overhead resistance.” Trader CGT also predicted, “There is a high possibility that the previous rebound support zone will be broken downwards this time.” While some analysts warned that BTC could enter a new downtrend, other market participants believe there is still a possibility for BTC to rise further, following the upward trend in the US stock market. Meanwhile, amid the recent sideways market, the cryptocurrency market has seen approximately $330 million worth of long and short positions liquidated over the past 24 hours.
