Bitcoin price has rallied 37% from its April lows, but CryptoQuant says weak U.S. demand and rising profit-taking are now capping the move.
Bitcoin‘s rally is running into a major technical wall after a sharp rebound from its April lows, according to CryptoQuant.
The on-chain analytics firm said in a May 13 research note that Bitcoin has climbed 37% and is now testing its 200-day moving average near $82,400, a level often watched by traders to separate stronger long-term momentum from weaker bear-market rebounds.
Read also: Bitcoin Price Rally Lacks Conviction, Analysts Say
According to CryptoQuant, the current scenario resembles March 2022 when Bitcoin surged by 43% to reach the $82,400 resistance level and then resumed its downward trend after breaking above the 200-day moving average.
Profit-Taking Among Bitcoin Holders Picks Up
CryptoQuant pointed out that Bitcoin traders have been accumulating unrealized gains margins of 17.7% as of May 5, which was the highest level since June 2025.
The high profit margins mean many short-term traders are holding gains substantial enough to attract sellers, and it appears there has already been some action in the market. Daily realized profits jumped to 14,600 BTC▼$63,505.00 on May 4, the highest level since Dec. 10, 2025, according to the report.
CryptoQuant said similar spikes during bear-market rallies have often appeared near local tops, as recently profitable holders start distributing coins while prices are strong.
In the meantime, the U.S. demand picture still looks weak. The Coinbase Bitcoin price premium, a measure of how BTC trades on Coinbase versus other major exchanges, turned negative in late April and has stayed below zero. This means softer buying from U.S. investors as Bitcoin approached $80,000.
Should BTC correct lower, according to CryptoQuant, the significant level of on-chain support is $70,000, close to the realized price of traders, being the average cost base of short-term traders, thereby potentially helping to decrease sell-offs as margins tend towards zero.
Read more: Bitcoin at $80K: What’s Influencing BTC’s Price on May 13?
