Bitcoin holders are taking more profits, spot demand is weakening, and more altcoins are moving into exchanges as BTC nears key support levels.
Bitcoin (BTC) remains in a bull market after closing above its 365-day moving average last week, but recent on-chain data suggests momentum is slowing. CryptoQuant said in a recent research note that several indicators now point to higher selling pressure and weaker demand.
Despite these concerns, CryptoQuant’s Bitcoin Bull Score Index remains at 90, showing that most tracked indicators still support a bullish structure. BTC recently reached about $87,400, its highest level in eight months, before pulling back toward the low $83,000 range.
Profit-Taking Picks Up
One concern comes from short-term holders, whose unrealized profit margin has risen to 33%. The analytics firm said this is the highest level since December 2024 and that similar levels have preceded profit-taking.
That profit-taking is already showing up in realized gains, with Bitcoin holders cashing out about 25,700 BTC in profit on September 22. It was the largest single-day realized profit figure recorded in 2026, adding to evidence that some holders are selling after the recent price gains.
Selling signals are also appearing beyond Bitcoin, particularly in the altcoin market. Seven-day cumulative altcoin exchange inflows reached 76,000 transactions involving about 51,000 depositors, the highest levels recorded since October 17, 2025.
At the same time, demand is weakening in both the spot and futures markets. Apparent spot demand fell by roughly 170,000 BTC over the past 30 days. Speculative futures demand growth also slowed, dropping from about 164,000 BTC on September 14 to roughly 16,000 BTC more recently.
Key Support Levels Remain
Despite these signals, Bitcoin remains above several important on-chain support levels. CryptoQuant identified the 365-day moving average near $80,000 and the 200-day moving average around $71,000. The firm also identified the trader-realized price near $67,000 as a key level to watch.
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According to the analytics firm, a decline toward these levels could signal consolidation. This would not necessarily mean a broader market reversal if support holds. However, continued weakness in demand alongside increased profit-taking could increase the risk of a deeper correction in the near term.
CryptoQuant described the market as still bullish but showing signs of fatigue. The next test will be whether buying demand returns to absorb selling pressure or whether Bitcoin moves closer to those support levels.