CryptoQuant: Bitcoin faces downside risk after hitting 'major bear market resistance level' According to Cointelegraph, CryptoQuant pointed out in a report that Bitcoin is facing a pullback risk after hitting the 200 day moving average of $82400. The institution stated that the 200 day moving average was the main resistance level during the bear market in 2022, and Bitcoin resumed its downward trend after hitting that level in March of that year. The report points out that the unrealized profit margin of traders reached 17.7% on May 5th, the highest level since June last year, indicating potential selling pressure for profit taking. Last week, daily profits surged to the highest level since early December, with traders cashing out 14600 bitcoins (worth nearly $1.2 billion) on May 4th. CryptoQuant states that peaks of this magnitude often indicate local price tops during bear market rebounds.