Bitcoin slips below $80,000: Why the 'Trump rally' is hitting a wall of profit-taking

The story

CryptoQuant says traders are cashing out into strength, Enflux ties the move to easing Hormuz tensions, while Glassnode argues bitcoin has reclaimed key levels needed for a broader recovery.

From the source

CryptoQuant said bitcoin’s 37% rebound from April lows still looks more like a bear-market rally than a confirmed trend reversal, with realized profits hitting their highest level since December and short-term holders increasingly exiting at a gain.

Bitcoin’s rally has pushed traders back into profit, with holders cashing out at the fastest pace since December, as recent buyers increasingly sell into strength, they wrote.

But the rebound still looks more like a relief rally than a true bull-market breakout, since profits remain well below levels seen in past sustained uptrends while unrealized gains are already high enough to tempt more selling, according to CryptoQuant. Traders are also sitting on an 18% unrealized profit margin, the highest since June 2025, a level where profit-taking has historically accelerated.

Who and what

Key names and topics in this story: Bitcoin, Trump.

Where to follow next

• Read the full piece at www.coindesk.com
• More from our Crypto & web3 coverage