Bitcoin Misses 200‑Day MA, Profit‑Taking Surge
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- Bitcoin failed to breach its 200‑day moving average of $82,430, trading around $79,379, 3.5% below the level.
- CryptoQuant reported that unrealized profit margins hit 17.7% on May 5, the highest since June 2025, and that traders locked in 14.6 K BTC ($1.16 bn) in profit‑taking last week.
- Coinbase Premium turned negative after April, indicating falling U.S. spot demand for Bitcoin relative to Binance.
- The Block noted $630 M outflows from Bitcoin ETFs as corporate treasury demand waned, suggesting a lack of conviction in the rally.
- Bitcoin still holds above a key support near $70 k, a level historically seen as a resistance‑to‑support pivot in bear markets.
Why it matters: Traders with large unrealized gains are selling, eroding Bitcoin’s price; institutional investors see outflows from ETFs, while spot demand in the U.S. declines, pushing Bitcoin toward $70 k support.
