Bitcoin is still in a broader uptrend but has entered a "bullish cooling" phase as price momentum and demand growth weaken, CryptoQuant said in its weekly digital-asset report published on September 16. The cryptocurrency has traded sideways between $76,000 and $82,000 and is nearing the lower end of that range. CryptoQuant's Bull Score, a gauge of market strength, fell to 60 from 80. U.S. spot demand has softened, with the Coinbase premium, a gauge of U.S. buying demand, turning negative again at about -0.05 while Bitcoin traded near $80,000. Macro uncertainty also weighs on the market after the U.S. Senate failed to secure the 60 votes needed for a procedural vote on the CLARITY Act, while the Federal Reserve raised interest rates on September 16 for the first time since 2023. Ethereum exchange inflows rose sharply in late August and again around September 10, while altcoin exchange-inflow transactions reached 56,000 on September 8, their highest level in nine months. CryptoQuant said such inflows have historically pressured prices, although Bitcoin exchange inflows remained relatively stable. The firm identified $70,000, near Bitcoin's 200-day moving average, as a key support level, with additional support at $62,000 to $65,000 where on-chain holdings are concentrated.