Bitcoin may face a near-term pullback after reaching an eight-month high of $87,400, as short-term traders' on-chain unrealized profit margin climbed to 33%, the highest level since December 2024. CryptoQuant Head of Research Julio Moreno noted that while Bitcoin's weekly close above the 365-day moving average confirmed a new bull market, multiple indicators now signal weakening upward momentum. Historical data suggests similar profit margin levels often trigger selling pressure, evidenced by holders realizing 25,700 BTC in profits on September 22, the highest single-day record of 2026.
Market structure shows additional signs of fatigue as spot demand contracts and futures demand growth slows significantly. Altcoin inflows to exchanges rose to 76,000 transactions over seven days, marking the highest level since October 17, 2025. Should a correction materialize, key support levels include the 365-day moving average at $80,000, the 200-day moving average at $71,000, and the realized price at $67,000. Provided these levels hold, any pullback would likely represent healthy consolidation within the broader bull trend rather than a reversal.
Bitcoin Faces Potential Pullback as Short-Term Profit Margins Hit Highest Since December 2024
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