Bitcoin slips below $80,000: Why the 'Trump rally' is hitting a wall of profit-taking
By Sam Reynolds
Published on May 8, 2026.
Bitcoin BTC $ 79,512.22 slipped below $80,000 on Wednesday, according to onchain data. CryptoQuant stated that the 37% rebound from April lows still looks more like a bear-market rally than a confirmed trend reversal. While the rally has pushed traders back into profit, with holders cashing out at the fastest pace since December, and recent buyers increasingly selling into strength. However, the firm noted that the current profit-taking has historically accelerated. Singapore-based market maker Enflux suggested that the initial move was part of a broader risk-on reaction after President Donald Trump halted a U.S. naval operation due to tensions in the Middle East.
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