Bitcoin remains in a bull market after closing above its 365-day moving average last week, but CryptoQuant’s on-chain data shows slowing momentum, higher selling pressure and weaker demand. The firm’s Bitcoin Bull Score Index remains at 90, indicating that most tracked indicators still support a bullish structure. BTC reached about $87,400, its highest level in eight months, before retreating toward the low $83,000 range. Short-term holders’ unrealized profit margin has risen to 33%, the highest since December 2024, while holders realized profits on about 25,700 BTC on September 22, the largest single-day figure recorded in 2026. Seven-day cumulative altcoin exchange inflows also reached 76,000 transactions involving about 51,000 depositors, the highest levels since October 17, 2025. Apparent spot demand fell by roughly 170,000 BTC over 30 days, while speculative futures demand growth slowed from about 164,000 BTC on September 14 to roughly 16,000 BTC more recently. Bitcoin remains above key on-chain support levels near $80,000, $71,000 and $67,000, but continued demand weakness could increase the risk of a deeper correction.