TechFlow News, May 17: According to CryptoQuant analyst Axel Adler, Bitcoin has recently tested the $82,000 level three times but failed each time, retreating afterward. Data shows that during each rally, the STH-SOPR indicator rose to around 1.0 before weakening again—indicating that short-term holders are consistently taking profits on the upward moves rather than holding onto their positions.
Axel Adler noted that $82,000 is not only a key technical resistance level but also a significant zone of selling pressure from a behavioral standpoint. Currently, this level coincides with Bitcoin’s 200-day simple moving average (200D SMA). Until the 7-day SMA of STH-SOPR remains consistently above 1.0 for several days and Bitcoin’s daily close decisively breaks above its 200-day SMA, any rebound may still be viewed by the market as a selling opportunity.
On the macro front, escalating tensions in the Middle East continue to dampen market risk appetite. Amid heightened Iran-related conflict, rising oil prices, and expectations of “higher-for-longer” interest rates, U.S. equities closed lower across the board on Friday; WTI crude oil futures surged over 4%; and the 10-year U.S. Treasury yield rose to approximately 4.6%, hitting a yearly high.
