Bitcoin Bullish Momentum Cools as US Spot Demand Weakens, Macro Uncertainty Weighs

Forecast Trend Report by Period

Bitcoin is still holding its broader uptrend, but weakening price momentum and softer demand from U.S. investors suggest the market has entered a "bullish cooling" phase, CryptoQuant said.

In its weekly digital-asset report published on September 16, CryptoQuant said Bitcoin has recently traded sideways in a $76,000 to $82,000 range. With the token now nearing the lower end of that band, upward momentum is fading.

CryptoQuant's Bull Score, a gauge of market strength, also fell to 60 from 80. The firm said weakening price momentum and slowing demand growth show the market shifting from an earlier "very bullish" phase to a "bullish cooling" stage.

Demand from U.S. spot buyers appears to be weakening in particular. The Coinbase premium, a proxy for U.S. market demand, turned negative again to about -0.05 as Bitcoin traded near $80,000. That suggests buying demand from U.S. investors has weakened from earlier levels.