CryptoQuant: Bitcoin's Bull Run Still Intact, but On-Chain Data Signals Cooling Momentum

Bitcoin (BTC) is still in bull-market territory after last week's close above its 365-day moving average, but fresh on-chain readings suggest the rally is losing steam, according to CryptoQuant. In a recent research note, the analytics firm said multiple indicators are now tilting toward rising sell pressure and softer demand. Even so, CryptoQuant's Bitcoin Bull Score Index remains elevated at 90, indicating most of its tracked signals continue to support a bullish market structure. BTC recently climbed to around $87,400, its highest level in eight months, before retreating to the low-$83,000 area. Profit-taking becomes more visible CryptoQuant highlighted short-term holders as a key source of risk, noting their unrealized profit margin has climbed to 33%—the highest since December 2024. The firm said similar readings have historically been followed by profit-taking. That behavior is already showing up in realized gains. On September 22, Bitcoin holders realized profits of roughly 25,700 BTC, the largest single-day realized profit tally recorded in 2026. CryptoQuant said the figure adds to evidence that some investors are selling into the recent advance. The firm also pointed to signs of distribution beyond BTC, particularly in altcoins. Seven-day cumulative altcoin exchange inflows rose to 76,000 transactions from about 51,000 depositors, the highest levels since October 17, 2025. Demand weakens in spot and futures CryptoQuant reported that demand has cooled across both spot and derivatives markets. Apparent spot demand fell by about 170,000 BTC over the past 30 days. Growth in speculative futures demand also slowed sharply, dropping from roughly 164,000 BTC on September 14 to around 16,000 BTC more recently. Support levels remain in focus Despite the cooling signals, CryptoQuant said Bitcoin continues to trade above key on-chain support zones, including the 365-day moving average near $80,000 and the 200-day moving average around $71,000. The firm also flagged the trader-realized price near $67,000 as an important level to watch. CryptoQuant said a move toward those areas could indicate consolidation rather than a full market reversal if support holds. Still, sustained demand weakness combined with heavier profit-taking could raise the risk of a deeper pullback in the near term. The firm characterized the broader setup as bullish but showing signs of fatigue. The next key test, it said, is whether renewed buying demand emerges to absorb selling pressure or whether BTC drifts closer to those support levels. The post Bitcoin Bull Market Shows Signs of Cooling: CryptoQuant appeared first on CryptoPotato.