Bitcoin's bull market run is showing signs of strain. On-chain analytics firm CryptoQuant says the broader trend remains bullish, but a cluster of indicators now point to growing near-term co
Bitcoin's bull market run is showing signs of strain. On-chain analytics firm CryptoQuant says the broader trend remains bullish, but a cluster of indicators now point to growing near-term correction risk.
Bitcoin's close above its 365-day moving average last week confirmed a new bull market, according to CryptoQuant head of research Julio Moreno.The firm's Bitcoin Bull Score Index also stands at an "extremely bullish" 90 out of 100. Despite that, Moreno says several signals now suggest the rally is losing momentum.
Short-term traders' on-chain unrealized profit margin has climbed to 33%, its highest level since December 2024.Margins at similar levels have historically encouraged traders to take profits, as more unrealized gains become available to lock in.
The data also shows that profit-taking is already occurring. Bitcoin holders realized 25,700 $BTC in profit on September 22, marking the largest single-day profit realization recorded in 2026.After Bitcoin reached an eight-month high of $87,400, several indicators suggest the rally is losing momentum and a correction could follow, Moreno said.
Bitcoin demand is also slowing across spot and futures markets. Moreno said apparent spot demand has continued to contract, shrinking by 170,000 BTC over the past 30 days."Without fresh demand, rallies struggle to extend," Moreno said. "With spot demand still in contraction and futures growth stalling, near-term upside becomes harder to sustain."
CryptoQuant identified three major support levels where price stabilization could occur if a pullback develops: the 365-day moving average near $80,000, the 200-day moving average near $71,000, and the on-chain realized price for traders at roughly $67,000.Moreno said a correction toward these levels would represent a "healthy consolidation" within a young bull market rather than a reversal, as long as the support levels hold.
The overall picture is one of a market that remains structurally bullish but is entering a phase where short-term sellers could outpace buyers. For now, how well $BTC holds key support levels will be the clearest signal of what comes next.
Sources:The Block: CryptoQuant says bitcoin correction could be near as traders' unrealized profit hits 21-month highFXStreet: Bitcoin rally loses momentum as profit-taking expands, CryptoQuant
