Bitcoin risks slump after hitting ‘major bear market resistance’: CryptoQuant
Bitcoin’s rally may reverse as its price has hit a historic resistance level and traders appear to already be taking profits, said CryptoQuant in a note on Wednesday....
Key takeaways
- 1Bitcoin hit its 200-day moving average of $82,400, a major bear market resistance level that preceded decline in March 2022.
- 2Traders' unrealized profits reached 17.7% on May 5, matching March 2022 levels before Bitcoin's previous downturn, signaling profit-taking pressure.
- 3Daily realized profits spiked to highest since December as traders cashed out 14,600 Bitcoin worth $1.2 billion on May 4.
Coins in this story
Why it matters
Bitcoin's technical patterns suggest potential reversal from current rally, with support at $70,000 critical for price stability. Indian retail investors should monitor the $80,000-$82,000 resistance zone closely as breaching below could trigger broader market correction affecting crypto portfolio valuations.
Explore how AI Agents is shaping crypto markets — aggregated stories, leading coins, and weekly momentum.
Explore narrativeRelated stories
Trump’s White House weighs 250 pardons to celebrate America's 250th birthday
One of the developers behind the crypto-mixing protocol Samourai Wallet has publicly expressed hopes for a pardon, along with FTX founder Sam Bankman-Fried....
US banks expect ‘slow, then fast’ shift to digitized finance: Moody's
Traditional financial institutions are actively preparing for a surge in adoption to avoid being caught flat-footed by a sudden shift in market demand, according to Moody’s....
Moody’s awards top rating to Fidelity and BlackRock's tokenized money market funds
Moody's awarded AAA-mf ratings to Fidelity and BlackRock's tokenized money market funds, validating their safety as onchain yield products. Fidelity's FILQ launched May 6 on Sygnum's platform with JPMorgan, Apex Group and Chainlink support. Tokenized U.S. Treasury products surged to $15 billion AUM in two years, reflecting institutional demand for real-time settlement and low-risk onchain instruments.