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BTC Bitcoin bull market shows signs of cooling: CryptoQuant points out that momentum is slowing
Although Bitcoin (BTC) closed above its 365-day moving average last week, confirming that it is still in a bull market pattern, recent on-chain data suggests that market momentum is weakening. Cryptocurrency data analysis platform CryptoQuant pointed out in its latest research report that multiple indicators showed increased selling pressure and weak demand.
However, it is comforting to note that CryptoQuant's "Bitcoin Bull Market Score Index" remains at a high of 90 points, indicating that most tracking indicators still support a bullish structure. Previously, Bitcoin prices hit about $87,400, setting an eight-month high, before falling back to the low range of $83,000.
Profit-taking sentiment heats up
Unrealized profit margins for short-term holders have risen to 33%, becoming a major source of concern. Analysts said this is the highest level since December 2024, and similar historical highs often signal profit-taking behavior.
This profit-taking trend is already reflected in realized earnings. On September 22, Bitcoin holders realized a profit cashing of approximately 25,700 BTC, setting a record for a single day of realized profits in 2026. This data further confirms that some holders have chosen to sell after recent price increases.
Selling signals not only appeared in the Bitcoin market, but also spread to the altcoin field. In the past seven days, net inflows to the altcoin exchange have reached 76,000 transactions involving approximately 51,000 depositors, the highest level since October 17, 2025.
与此同时，现货和期货市场需求均呈现走弱态势。在过去 30 天内，现货 apparent 需求下降了约 170,000 BTC。投机性期货需求增长同样放缓，从 9 月 14 日的约 164,000 BTC 降至近期的约 16,000 BTC。
关键支撑位依然稳固
尽管存在上述信号，比特币价格仍位于多个重要的链上支撑位之上。CryptoQuant 识别出几个关键位置：365 日均线附近约为 80,000 美元，200 日均线附近约为 71,000 美元。此外，交易者实现价格（Trader-Realized Price）附近的 67,000 美元也被视为需要密切关注的关键水平。
根据该分析机构的观点，若价格下跌至这些区间，可能意味着市场进入盘整阶段。只要支撑位有效，这并不一定代表更广泛的市场反转。然而，若需求持续疲软伴随获利了结增加，短期内深度回调的风险将上升。
CryptoQuant 将当前市场描述为“仍处于牛市，但显露疲态”。接下来的关键测试在于：买入需求是否会回归以吸收抛压，或者比特币是否会进一步逼近上述支撑位。
