Bitcoin's recent upward trend may be slowing down – but this does not mean it has exited a bull market.
This is the view of data analysis company CryptoQuant in a new report. The company indicates that there are some signs of profit-taking in the market.
The latest price of Bitcoin is around $82,939, which represents a decline of nearly 4% over the past 7 days; previously, its price rose to $87,251 last week, reaching a new high in 8 months.
Last week's surge prompted CryptoQuant to declare that Bitcoin had entered a bull market. The reason is that this leading cryptocurrency broke through its 365-day moving average. The company stated that this indicator is a "clear technical signal" that has marked the beginning of a Bitcoin bull market in previous cycles.
However, CryptoQuant added that short-term traders holding coins for 1 to 3 months currently have an average unrealized profit of about 33%. This is the highest level since December 2024, and such a high profit margin often induces investors to sell in history.
The report indicates that on the day following Bitcoin's price breaking through an 8-month high, holders of the cryptocurrency realized a profit of 25,700 Bitcoins, which represents the largest single-day profit realization so far in 2026.
CryptoQuant also indicates that although there is still room for further increase in the price of Bitcoin, this round of upward trend is losing momentum, and the likelihood of a short-term pullback is growing greater by the day.
Although CryptoQuant did not predict where the price of Bitcoin might fall, it listed three levels that could provide support for a rebound: the 365-day moving average of around $80,000, the 200-day moving average of around $71,000, and the price already realized by traders on the blockchain, which is around $67,000.
The company stated that as long as these levels can be maintained, the pullback will be a healthy consolidation within a young bull market, rather than a reversal of trend.
Bitcoin reached a record high of $126,080 in October last year, but then began to decline later that same month. Prior to this, the largest liquidation event in the history of cryptocurrencies resulted in the closing of more than $19 billion in bets.
In the first half of this year, Bitcoin continued to decline due to the Federal Reserve's clear indication that it was not in a hurry to cut interest rates. At the same time, more and more investors are directing their funds towards stocks related to artificial intelligence in search of returns.
However, after the U.S. total debt exceeded $40 trillion for the first time in July, so-called "currency devaluation trading" has heated up again – that is, investors are directing their funds towards certain types of assets to hedge against the risk of declining currency value.
In the past, when the US dollar weakened, precious metals such as Bitcoin and gold typically performed well.
