Bitcoin Rally Cut Short as Profit-Taking Rises, US Demand Falls: CryptoQuant
Bitcoin failed to break above its 200-day moving average near $82,430, stalling its recent rally. Despite trading 37% above April lows, this pattern mirrors a 2022 scenario that preceded a major decline. Unrealized profit margins reached 17.7% on May 5, the highest since June 2025, increasing the risk of selling as holders seek to realize gains. Significant profit-taking has already occurred, with 14,600 Bitcoin or $1.16 billion sold in a single day last week, the largest since December 2025. The Coinbase Premium turned negative, indicating dropping U.S. demand for spot Bitcoin. Bitcoin’s price has dropped about 1.6% in 24 hours and 2.5% over the past week, now trading at $79,379—about 3.5% below the key moving average. While further decline is possible, strong support is expected near $70,000, which aligns with the average cost basis of short-term traders and may limit additional selling.
