Bitcoin may be entering a cooling phase after its recent run to an eight-month high, according to a report cited by The Block from CryptoQuant head of research Julio Moreno. Moreno said Bitcoin’s weekly close above its 365-day moving average confirmed the start of a new bull cycle. At the same time, he warned that several indicators now point to fading momentum and a possible market pullback.
One of the clearest signals came from short-term holders’ unrealized on-chain profit margin, which rose to 33%, the highest reading since December 2024. CryptoQuant said similar levels have historically coincided with profit-taking. The report also noted that Bitcoin holders realized 25,700 BTC in profit on Sept. 22, the highest single-day total recorded in 2026.
Altcoins were also showing signs of selling pressure. The seven-day cumulative number of altcoin inflow transactions climbed to 76,000, the highest level since Oct. 17, 2025. Meanwhile, spot demand continued to contract and growth in futures demand slowed sharply. Moreno said that if Bitcoin pulls back, the 365-day moving average near $80,000 would be the first support, followed by the 200-day moving average near $71,000 and traders’ on-chain realized price near $67,000.
Bitcoin’s weekly close above its 365-day moving average has confirmed the start of a new bull market, according to a CryptoQuant report cited by The Block. But after reaching an eight-month high of $87,400, several indicators now suggest the rally is losing strength and may be followed by a pullback, CryptoQuant head of research Julio Moreno said.
Short-term holder profits reached their highest level since December 2024
The report said short-term traders’ unrealized on-chain profit margin has climbed to 33%, the highest reading since December 2024. Historically, CryptoQuant said, profit levels in that range have often led traders to lock in gains.
Data in the report also showed that Bitcoin holders realized 25,700 BTC in profit on Sept. 22, marking the highest single-day total of 2026.
Altcoins show signs of selling while demand weakens
Moreno’s report said the altcoin market was also showing signs of selling pressure. The seven-day cumulative count of altcoin inflow transactions rose to 76,000, the highest level since Oct. 17, 2025.
At the same time, spot demand kept shrinking, while growth in futures demand slowed noticeably. After Bitcoin touched roughly $87,400, the report said upside momentum began to fade.
Key support levels in a pullback
Moreno said that if Bitcoin does pull back, the 365-day moving average near $80,000 would be the first support level. Below that, he pointed to the 200-day moving average near $71,000 and traders’ on-chain realized price near $67,000.
If those levels hold, Moreno said the move would be more consistent with a healthy consolidation inside a young bull market than with a trend reversal.
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