PANews reported on May 14th that, according to Cointelegraph, CryptoQuant stated in a report that Bitcoin faces the risk of a pullback after touching the 200-day moving average at $82,400. The firm noted that the 200-day moving average was a major resistance level during the 2022 bear market, after which Bitcoin resumed its downward trend after reaching that level in March of that year.

The report notes that traders' unrealized profit margin reached 17.7% on May 5th, the highest level since June of last year, indicating potential selling pressure from profit-taking. Daily realized profits jumped to their highest level since early December last week, with traders cashing out 14,600 bitcoins (worth nearly $1.2 billion) on May 4th. CryptoQuant states that peaks of this magnitude often foreshadow local price tops during bear market rallies. If Bitcoin falls, current support is around $70,000, which is the average price of all Bitcoin trades last time and has historically been a key resistance-turned-support level during bear markets.