Analysts at the on-chain platform CryptoQuant believe there is a real risk of a further decline in the Bitcoin price amid investor profit-taking following the recent market recovery.
After rising from April lows around $66,000, Bitcoin faced strong resistance in the $82,000–$84,000 region. CryptoQuant sees similarities in this dynamic with previous bearish cycles, when recovery rallies ended with a new wave of declines in the asset's price.
Analysts noted the rise in unrealized trader profits. As of May 5, this figure reached 17.7%, the highest level since June of last year. This could prompt some investors to take profits.
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Analysts cited the volume of realized profits as an additional sign of increased selling. On May 4, traders withdrew approximately 14,600 BTC, equivalent to approximately $1.2 billion at the current exchange rate. CryptoQuant noted that similar surges in activity in past cycles often preceded local market peaks.
Over the past 24 hours, Bitcoin has fallen by approximately 2.3% to $79,300. Pressure on the market increased following the release of US inflation data. According to the US Department of Labor, the producer price index (PPI) rose 1.4% in April, the highest increase in four years.
Bitcoin is becoming increasingly sensitive to the state of the US economy as large financial corporations become more involved in the crypto market. If the correction continues, the nearest support zone for the leading cryptocurrency could form around $70,000, according to CryptoQuant experts.
Previously, analysts at Wintermute stated that the Bitcoin market was frozen between the standard scenario of consolidation after a price high and a scenario in which demand for the asset is driven by large investors.
