Bitcoin (BTC) Bull Cycle Continues as CryptoQuant Flags Potential Pullback Risk

Key Highlights

Table of Contents

Short-term Bitcoin trader profit margins climbed to their highest point in 21 months.
On September 22, traders locked in 25,700 BTC worth of gains, representing 2026’s largest single-day profit realization.
Visible spot market demand decreased by 170,000 BTC during the previous 30-day period.
Growth in futures market demand plummeted from 164,000 BTC down to 16,000 BTC.
Critical Bitcoin price support zones emerge around $80,000, $71,000, and $67,000.

Bitcoin encounters near-term downside pressure following a surge in trader profitability to its highest mark in 21 months, based on analysis from CryptoQuant. While the analytics firm maintains a bullish outlook for the broader market cycle, multiple onchain metrics and demand indicators reveal weakening momentum.

Julio Moreno, CryptoQuant’s research head, indicated that Bitcoin validated a fresh bull market phase after price action closed above the 365-day moving average. The company’s proprietary Bitcoin Bull Score Index registered 90 out of a possible 100 points, even as evidence suggests recent price appreciation may trigger profit-taking behavior.

Short-Term Holder Profitability Climbs to 21-Month Peak

Short-term Bitcoin holders currently maintain an unrealized profit margin of 33%, representing the highest reading since December 2024. According to Moreno, comparable profit thresholds have historically prompted traders to crystallize gains following substantial price rallies.

On September 22, Bitcoin holders secured realized profits totaling 25,700 BTC, establishing the largest daily profit-taking event of 2026. This activity occurred after Bitcoin climbed to $87,400, while spot Bitcoin ETF demand strengthened during the rally as institutional vehicles drew additional capital inflows.

Rising Exchange Deposits Signal Increasing Sell Pressure

Evidence of selling activity extended throughout the altcoin sector as well. The seven-day cumulative total of exchange inflow transactions climbed to 76,000, matching the highest reading recorded since October 17, 2025, alongside an increase in depositing addresses to 51,000.

Moreno noted that this uptick originated from a diverse range of participants rather than concentrated large-wallet activity. The expansion in exchange deposits provided another indicator of potential selling, as market participants transferred additional assets to trading platforms where liquidation becomes possible.

Spot and Futures Market Demand Momentum Declines

CryptoQuant’s data revealed that visible Bitcoin spot demand contracted by 170,000 BTC throughout the last 30-day window. Bitcoin ETF inflows also slowed sharply following multiple robust trading sessions, demonstrating that institutional accumulation continued but at a reduced velocity.

Futures market demand growth collapsed from 164,000 BTC recorded on September 14 to merely 16,000 BTC by September 29. Moreno attributed the recent price surge primarily to speculative futures activity and suggested that diminished new demand could constrain immediate price appreciation.

Critical Bitcoin Price Support Zones Attract Market Attention

CryptoQuant identified the initial major support threshold around $80,000, corresponding to Bitcoin’s current 365-day moving average position. Recent market data showed BTC recovering above $84,000 following its retracement, as market participants monitored deeper support areas.

The 200-day moving average establishes another technical floor near $71,000, with the trader-realized price level situated around $67,000. Moreno suggested that a retreat toward these zones might represent typical market consolidation behavior, provided support levels maintain and the overarching bull-market framework remains undamaged.