CryptoQuant has warned that Bitcoin may face a short-term correction after the unrealized profit ratio of short-term traders on-chain climbed to 33%, the highest level in 21 months since December 2024. Julio Moreno, head of research at CryptoQuant, said in a report on Tuesday that although Bitcoin's close above its 365-day moving average last week confirmed a new bull market and the Bitcoin Bull Score Index remains at a severe level of 90 out of 100, several indicators now show that this rally is losing momentum after the price peaked at an eight-month high of 87,400 dollars. Moreno noted that profit-taking on held Bitcoin totaled 25,700 BTC on September 22, the single largest profit-taking day of 2026, and sell signals are also appearing in the altcoin market, with the seven-day cumulative count of altcoin transfers into exchanges rising to 76,000, the highest since October 17, 2025, while the number of electronic addresses depositing altcoins into trading platforms jumped to 51,000 over the same period. Meanwhile, visible spot demand shrank by 170,000 BTC over the past 30 days, and growth in speculative demand in the futures market slowed from 164,000 BTC on September 14 to just 16,000 BTC on September 29. If a correction occurs, Moreno sees the first support at the 365-day moving average near 80,000 dollars, then the 200-day moving average near 71,000 dollars, and the on-chain cost basis of traders around 67,000 dollars, concluding that this remains a bull market but is starting to show signs of weakening.
BitcoinCryptoQuant warns of a short-term Bitcoin correction as spot demand shrank 170,000 BTC over 30 days and speculative futures demand slowed sharply, with profit-taking at a 21-month high.
CryptoQuant is the source of the bearish Bitcoin analysis, but the article reports no company-specific development affecting CryptoQuant itself.
