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

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.

Macro uncertainty was also flagged as a near-term burden. The U.S. Senate failed to secure the 60 votes needed for a procedural vote on the CLARITY Act. The Federal Reserve also raised interest rates on September 16 for the first time since 2023, heightening concerns over liquidity conditions.

Exchange inflows also increased for Ethereum and altcoins. Ethereum inflows to exchanges rose sharply in late August and again around September 10. Altcoin exchange-inflow transactions reached 56,000 on September 8, the highest level in nine months. CryptoQuant said rising exchange inflows have historically added downward pressure on prices.

By contrast, Bitcoin inflows to exchanges have remained relatively stable. Inflows briefly increased as the token climbed to $82,000, but later eased again. CryptoQuant identified $70,000, where the 200-day moving average sits, as a key support level. It also pointed to the $62,000 to $65,000 range, where on-chain holdings are concentrated.