Bitcoin risks slump after hitting ‘major bear market resistance’: CryptoQuant

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Source: CryptoQuant Related: Whale shorts $70M in crypto and tech: Should Bitcoin traders worry? Traders may have already started taking profits, as the report said daily realized profits jumped to their highest level since early December last week, with traders cashing out 14,600 Bitcoin, currently worth nearly $1.2 billion, on May 4. “Historically, spikes of this magnitude in bear market rallies have preceded local price tops,” CryptoQuant said. It added that if Bitcoin falls, its current level of price support sits around $70,000, which is the average price at which all Bitcoin was last transacted. “This level has historically acted as a key resistance-turned-support band during bear markets,” CryptoQuant said. “It represents the average cost basis of short-term traders and the level at which unrealized profit margins compress back toward zero, reducing the incentive for further selling.” Other analysts have remained bullish on Bitcoin, with MN Capital founder Michaël van de Poppe posting on X on Wednesday that the cryptocurrency “might see a fast move” to $90,000 if the US Senate advances a long-awaited crypto bill dubbed the CLARITY Act. Arthur Hayes, the investment chief of the crypto fund Maelstrom, said on Tuesday that Bitcoin retaking its all-time peak of $126,000 was a “foregone conclusion.” He predicted that the war in Iran and competition between the US and China over artificial intelligence would lead the government to increase the money supply, causing inflation that would push traders toward Bitcoin. Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4-year cycles More on the subject

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