Bitcoin surged to nearly $82,500 on Wednesday, its highest since January, but has since slipped below $80,000. Analysts at CryptoQuant label the move a 'bear market rally,' warning that profit-taking is accelerating.
On May 4, Bitcoin holders realized 14,600 BTC in daily profits, the highest since December 10. Short-term holders have been locking in gains since mid-April, marking the first significant profit event since December 2025.
CryptoQuant notes that historically, such spikes at key resistance levels precede local tops or consolidation phases. The 30-day net realized profit has turned positive, a 'structural inflection point,' though still far below bull market levels.
Unrealized profits are at levels not seen since June 2025, signaling elevated correction risk. However, strong demand for perpetual futures and muted exchange inflows may support near-term price strength.
Bitcoin recently traded at $80,150, 36% below its all-time high of $126,080. Ethereum and XRP fell over 2%, with $269 million in crypto longs liquidated in 24 hours.