Bitcoin Remains Bullish As Profit Taking Accelerates

The bitcoin bull market remains confirmed by several CryptoQuant indicators, but the momentum that drove BTC up to 87400 dollars is slowing down. Spot demand is declining, speculative positions are growing more slowly, and profit-taking has now reached levels likely to trigger a short-term correction.

The bitcoin bull market remains well established

The Bitcoin Bull Score from CryptoQuant reaches 90 out of 100. This level means nine of the ten indicators monitored by the platform remain favorable. The crossing of the price above its 365-day moving average also confirmed the start of a new bullish phase.

This reading does not, however, guarantee continuous progress. After its eight-month peak at 87400 dollars, bitcoin dropped below 84000 dollars before rising again around 84300 dollars on October 1^st.

Four data points summarize the current situation :

• The Bull Score reaches a very bullish level of 90 out of 100 ;
• Bitcoin has crossed its 365-day moving average ;
• The price peaked at 87400 dollars before correcting ;
• Several demand indicators are now losing momentum.

The current slowdown thus looks more like exhaustion after a strong rise than an immediate invalidation of the bullish movement.

Bitcoin demand declines on the markets

The main warning comes from spot demand. According to CryptoQuant, apparent demand has contracted by about 170000 BTC over thirty days. This indicator compares new bitcoins issued with the change in the stock of tokens that have remained immobile for at least one year.

Speculative demand on futures contracts is slowing even faster. Its growth dropped from 164000 BTC on September 14 to only 16000 BTC on September 29. It has therefore fallen by about 90% in fifteen days.

This evolution weakens the engine of the recent rebound. Mid-September, CryptoQuant had already noted that total demand had become positive mainly thanks to futures contracts, while spot purchases remained insufficient.

“Without new demand, rallies struggle to continue,” warns Julio Moreno, head of research at CryptoQuant. He believes that the contraction of the spot market and the slowdown of futures contracts make an immediate new rise more difficult.

The bitcoin bull market triggers sales

Recently arrived investors now have an average unrealized profit margin of 33%. This level, the highest since December 2024, increases the temptation to secure some of the gains accumulated during the rise.

On-chain data shows that this movement has already started. On September 22, holders realized profits on 25700 BTC. This is the largest daily volume recorded since the beginning of 2026. Similar episodes sometimes preceded local peaks, without necessarily ending the entire cycle.

Transfers of altcoins to platforms are also increasing. CryptoQuant recorded 76000 deposits in seven days, coming from 51000 distinct addresses. These two data points reach their highest level since October 2025.

“When holders transfer their tokens to platforms, they generally intend to sell,” explains Julio Moreno. A deposit, however, does not constitute proof of sale. It can also be used to cover a position, provide liquidity, or move funds between several services.

Three supports still protect the bitcoin bull market

CryptoQuant identifies 80000 dollars as the first level to watch. This threshold roughly corresponds to the recently crossed 365-day moving average. Its maintenance would confirm that the former resistance now acts as support.

In case of breach, the 200-day moving average is around 71000 dollars. A third level appears near 67000 dollars, which is the realized on-chain price of traders. This measure represents their estimated average acquisition cost.

A drop toward these zones would not automatically mean the end of the cycle. Julio Moreno describes such a movement as a “healthy consolidation” within a young bull market, provided the main supports hold.

Bitcoin therefore retains a favorable structure, but it must find spot buyers again to sustainably extend its progress. Without a recovery in demand, the rise in latent profits and the slowdown in futures contracts could turn the current exhaustion into a deeper correction.