Bitcoin rallied to nearly $82,500 on Wednesday for the first time since January—but has slipped in the last 24 hours to recently trade below $80,000.
The broader move, which has seen the top crypto asset gain more than 17% in the last month, is still part of a “bear market rally,” according to analysts at CryptoQuant. And as profit levels grow, Bitcoin may be on the precipice of more selling.
“Bitcoin holders realized 14.6K BTC in daily profits on May 4, the highest level since December 10, as the 37% rally from the April lows pushed holders back into profitable territory,” the firm wrote, noting that the surge has created the “first significant profit realization event since December 2025” as short-term holders have been locking in gains since mid-April.