Bitcoin risks slump after hitting ‘major bear market resistance’: CryptoQuant
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- CryptoQuant reported that daily realized profits surged to the highest level since early December, with traders cashing out 14,600 Bitcoin (~$1.2 billion) on May 4.
- CryptoQuant said Bitcoin’s current price support is around $70,000, the average transaction price where short‑term traders’ unrealized profits compress to zero, historically acting as a resistance‑turned‑support band.
- Michaël van de Poppe of MN Capital suggested Bitcoin could quickly rise to $90,000 if the US Senate advances the CLARITY Act.
- Arthur Hayes of Maelstrom predicted Bitcoin will eventually retake its all‑time high of $126,000, calling it a foregone conclusion and linking it to potential US inflation from an Iran war and US‑China AI competition.
- Decrypt reported that profit‑taking has risen and US demand for Bitcoin has fallen, contributing to a rally cut short.
Why it matters: Traders who bought near $70k may see reduced upside, while short‑term holders cashing out $1.2bn lock in profits; a price drop would also pressure crypto‑linked funds and delay bullish expectations tied to the CLARITY Act.
