Bitcoin's bull market is maintaining strength according to key metrics while displaying clear signs of fatigue after reaching an eight-month high of $87,400.
The market confirmed its bull market status with a close above the 365-day moving average, according to CryptoQuant data. The analytics platform reports that CryptoQuant's Bitcoin Bull Score Index remains at 90/100, described as an "extremely bullish" signal.
However, several on-chain indicators suggest the rally is losing momentum. Traders' on-chain unrealized profit margin reached 33%, the highest level since December 2024. CryptoQuant notes that historically, stretched margins have preceded selling and downward price pressure.
Profit-taking has already begun, with 25,700 BTC realized in profits on September 22nd, marking the largest single-day total of 2026. Demand is cooling as well, with apparent spot demand contracting by 170,000 BTC over the past 30 days. Futures demand growth has slowed from 164,000 BTC on September 14th to just 16,000 BTC currently.
Support levels remain well-defined below current prices at the 365-day moving average near $80,000, the 200-day moving average around $71,000, and traders' realized price at $67,000. The bull trend stays intact as long as these levels hold.
Altcoin exchange inflows also spiked sharply, with 76,000 transactions and 51,000 depositors over seven days, the highest since October 17th, 2025. CryptoQuant notes that a surge in deposits typically signals distribution.
