- Traders’ unrealized profit margin reached 17.7% on May 5, 2026.
- Executed profits in the spot market hit a daily peak of 14.6K $BTC on May 4, 2026.
- Apparent spot demand recorded a contraction of minus 11K $BTC according to the latest compiled data.
Bitcoin’s latest rally impacted a critical zone on the blockchain directly, which analysts say establishes a clear wall of resistance for the pioneer crypto’s price.
We have been writing that Bitcoin was in for a price correction for several weeks now, mostly amid:
– High unrealized profits.
– A spike in profit taking in spot and futures markets.
– Slowdown of US spot demand.
– Technical and On-chain price resistance.See our latest…
— Julio Moreno (@jjcmoreno) May 18, 2026
CryptoQuant warns of correction risks at the moving average
The CryptoQuant analysis published on May 13, 2026, detailed that Bitcoin’s price reached the 200-day moving average located at $82.4K. This movement materialized after a 37% rebound from the lows recorded in April.
The platform’s head of research, Julio Moreno, noted that current on-chain metrics show similarities to macroeconomic patterns observed in March 2022. In that cycle, the primary cryptocurrency surged 43% before retracing upon hitting the same long-term technical indicator.
Historical data from CryptoQuant suggest that accumulated unrealized profits typically incentivize massive coin distribution as the price approaches zones of technical congestion.
During the May 5 session, paper profit margins reached 17.7%, establishing the highest reading since June 2025. The firm’s analysts indicated that these levels considerably increase investors’ willingness to liquidate positions to secure returns.
Selling pressure has already manifested quantitatively in network records. Realized profits in spot markets rose to 14.6K $BTC on May 4, 2026. This figure represents the highest daily volume of profit-taking since December 10, 2025.
Weakness in US institutional demand
Analysis of the trading environment reveals that Bitcoin’s price premium on the Coinbase platform turned negative in late April. The indicator remained below zero while the price attempted to consolidate near the $80,000 mark.
Official documentation from CryptoQuant points out that the lack of a positive premium on Coinbase reflects a slowdown in buying interest from US institutional funds. Historically, this indicator has been an essential requirement to sustain extended bullish trends.
On the other hand, the apparent demand metric in the spot market mitigated its contraction, moving from minus 91K $BTC in April to minus 11K $BTC in May 2026. Although the data reflect a reduction in the severity of the drop, actual accumulation in spot wallets continues to show weakness compared to the derivatives market.
Current volume growth is mainly concentrated in speculative positions within perpetual futures contracts. Given this scenario, the firm’s quantitative models place the nearest key support at $70,000. This technical level corresponds to the on-chain realized price by short-term traders, an area where profit margins typically compress to zero.
