PANews reported on May 17th that CryptoQuant analyst Axel Adler stated that Bitcoin has recently tested the $82,000 level three times, but each time it has retreated. Data shows that during each rebound, the STH-SOPR indicator rose to around 1.0 before weakening again, indicating that short-term holders are taking profits during the upward trend rather than continuing to hold their positions.

Axel Adler points out that $82,000 is not only a key technical resistance level, but also a significant selling pressure zone in terms of market behavior. Currently, this level coincides with Bitcoin's 200-day moving average (200D SMA). Before the STH-SOPR SMA(7) holds above 1.0 for several consecutive days and BTC breaks through the 200-day moving average on the daily chart, market rebounds may still be seen as selling opportunities.

On a macro level, the escalating situation in the Middle East continues to suppress market risk appetite. Affected by the Iranian conflict, rising oil prices, and expectations of "high interest rates remaining for longer," US stocks closed lower across the board on Friday, WTI crude oil futures rose more than 4%, and the 10-year US Treasury yield rose to approximately 4.6%, a new high for the year.