Bitcoin Faces Downtrend Risk After Hitting Bear Market Resistance
- Bitcoin’s price hit a key resistance level at $82,400, based on its 200-day moving average.
- The cryptocurrency has fallen by 2.3% in the last 24 hours, currently priced at $79,300.
- Traders’ unrealized profit margins reached 17.7%, the highest since June of last year, indicating potential selling pressure.
- On May 4, traders realized profits of 14,600 Bitcoin, valued at nearly $1.2 billion.
- If Bitcoin declines further, support is expected around $70,000, the average transaction price for all Bitcoin.
The recent dip in Bitcoin’s price follows a significant rally and is influenced by rising inflation indicators in the US economy. The market remains sensitive to legislative developments such as the proposed CLARITY Act.
As Bitcoin approaches critical resistance levels and profit-taking occurs, its current support stands at $70,000, which could determine its next movement.(Source)
