Bitcoin Briefly Drops Below $80K as Profit-Taking Hits December Highs


Bitcoin ($BTC) briefly fell to $79,800 on May 7 after hitting resistance near $82,800, pulling back from a rally that had taken the asset to roughly $82,500 on May 6, its highest level since January 2026. The drop came alongside a bearish divergence in the Relative Strength Index (#RSI) on shorter timeframes, a technical pattern that signals weakening buying pressure during an upward price move. #Bitcoin #BTC


On-chain analytics firm CryptoQuant reported that Bitcoin holders realized 14,600 BTC in daily profits on May 4, the highest single-day figure since Dec. 10, 2025. The firm linked the spike to a 37% #recovery from April 2026 lows, which brought a large portion of holders back into profitable territory. CryptoQuant called the event the first significant profit realization since December 2025.


Short-term holders have been closing profitable positions since mid-April 2026, according to CryptoQuant. The firm also reported that the 30-day net realized profit for Bitcoin traders has returned to positive territory, meaning more holders closed positions at a gain than at a loss during that window. CryptoQuant described the development as a structural inflection point in current market dynamics. #CryptoMarkets

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May 07, 2026 at 10:47 PM
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