Bitcoin (BTC) Bull Market Shows Signs of Fatigue After $87,400 Peak
- BTC closed above the 365-day moving average, confirming a bull market.
- CryptoQuant’s Bitcoin Bull Score Index remains high at 90/100, indicating strong bullish sentiment.
- Traders’ on-chain unrealized profit margin hit a peak of 33%, suggesting potential profit-taking.
- 25,700 BTC were realized in profits on September 22nd, the largest single-day total for the year.
- Demand for BTC has decreased by approximately 170,000 BTC over the past month.
Despite confirming a bull market status with recent metrics, signs of fatigue are evident as profit-taking begins and demand cools. The support levels remain intact below current prices at key moving averages around $80,000 and $71,000. Additionally, altcoin exchange inflows surged to their highest since October last year.
The current rally may be losing momentum as indicated by rising profit margins and declining demand metrics. Traders should monitor these trends closely as they could influence future price movements. (Source)
