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Bitcoin's bull market run is showing signs of strain. On-chain analytics firm CryptoQuant says the broader trend remains bullish, but a cluster of indicators now point to growing near-term correction risk.
<h2 id="profit-taking-reaches-2026-high">Profit-Taking Reaches 2026 High</h2>
<cite>Bitcoin's close above its 365-day moving average last week confirmed a new bull market, according to CryptoQuant head of research Julio Moreno.</cite><cite>The firm's Bitcoin Bull Score Index also stands at an "extremely bullish" 90 out of 100.</cite> Despite that, Moreno says several signals now suggest the rally is losing momentum.
<cite>Short-term traders' on-chain unrealized profit margin has climbed to 33%, its highest level since December 2024.</cite><cite>Margins at similar levels have historically encouraged traders to take profits, as more unrealized gains become available to lock in.</cite>
<cite>The data also shows that profit-taking is already occurring. Bitcoin holders realized 25,700 <a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a> in profit on September 22, marking the largest single-day profit realization recorded in 2026.</cite><cite>After Bitcoin reached an eight-month high of $87,400, several indicators suggest the rally is losing momentum and a correction could follow, Moreno said.</cite>
<h2 id="demand-contraction-adds-to-pressure">Demand Contraction Adds to Pressure</h2>
<cite>Bitcoin demand is also slowing across spot and futures markets. Moreno said apparent spot demand has continued to contract, shrinking by 170,000 BTC over the past 30 days.</cite><cite>"Without fresh demand, rallies struggle to extend," Moreno said. "With spot demand still in contraction and futures growth stalling, near-term upside becomes harder to sustain."</cite>
<cite>CryptoQuant identified three major support levels where price stabilization could occur if a pullback develops: the 365-day moving average near $80,000, the 200-day moving average near $71,000, and the on-chain realized price for traders at roughly $67,000.</cite><cite>Moreno said a correction toward these levels would represent a "healthy consolidation" within a young bull market rather than a reversal, as long as the support levels hold.</cite>
The overall picture is one of a market that remains structurally bullish but is entering a phase where short-term sellers could outpace buyers. For now, how well $BTC holds key support levels will be the clearest signal of what comes next.
Sources: <a href="https://www.theblock.co/news/markets/2026-09-29-cryptoquant-says-bitcoin-correction-could-near-traders-unrealized-profit-21-month-high-417206" rel="noopener noreferrer nofollow">The Block: CryptoQuant says bitcoin correction could be near as traders' unrealized profit hits 21-month high</a> <a href="https://www.fxstreet.com/cryptocurrencies/news/bitcoin-rally-loses-momentum-as-profit-taking-expands-cryptoquant-202609300520" rel="noopener noreferrer nofollow">FXStreet: Bitcoin rally loses momentum as profit-taking expands, CryptoQuant</a>

Bitcoin Rally Faces New Warning Signs

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