CryptoQuant: Bitcoin faces downside risk after hitting a "major bear market resistance level"

CoinFeed reported on May 14th that, according to Cointelegraph, CryptoQuant noted in a report that Bitcoin faces the risk of a pullback after touching the 200-day moving average at $82,400. The firm stated that the 200-day moving average was a major resistance level during the 2022 bear market, after which Bitcoin resumed its downward trend after reaching that level in March of that year. The report pointed out that traders' unrealized profit rate reached 17.7% on May 5th, the highest level since June of last year, indicating potential selling pressure from profit-taking. Daily realized profits jumped to their highest level since early December last week, with traders cashing out 14,600 Bitcoins (worth nearly $1.2 billion) on May 4th. CryptoQuant stated that such a peak in magnitude often foreshadows a local price top during a bear market rally.