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CryptoQuant Analyst: Bitcoin forms a strong selling pressure zone at $82k, short-term holders continue to exit
Deep Tide TechFlow News, May 17, According to CryptoQuant analyst Axel Adler, Bitcoin has recently attempted three times to reach around $82,000 but has all faced pullbacks. Data shows that during each rebound, the STH-SOPR indicator rises to around 1.0 and then weakens again, indicating that short-term holders are taking advantage of the rally to profit and exit rather than continuing to hold.
Axel Adler pointed out that $82,000 is not only a key resistance level on the technical side but also an important selling pressure zone on the market behavior level. Currently, this level coincides with the Bitcoin 200-day moving average (200D SMA). Before the STH-SOPR SMA(7) remains above 1.0 for several days and before BTC’s daily chart effectively breaks through the 200-day moving average, market rebounds may still be viewed as selling opportunities.
On the macro level, escalating tensions in the Middle East continue to suppress market risk appetite. Affected by the Iran conflict, rising oil prices, and expectations of prolonged high interest rates, U.S. stocks closed lower across the board on Friday, WTI crude oil futures rose over 4%, and the 10-year U.S. Treasury yield increased to about 4.6%, hitting a new high for the year.