Bitcoin Bullish Momentum Fades Amid Weakening US Demand
Bitcoin's bullish momentum has begun to slow down, according to CryptoQuant's latest report. The digital asset has been trading in a range of $76,000 to $82,000, but with weakening price momentum and softer demand from U.S. investors, the market is entering a 'bullish cooling' phase.
The Coinbase premium, which serves as a proxy for U.S. market demand, turned negative again to about -0.05 when Bitcoin traded near $80,000, indicating that buying demand from U.S. investors has weakened. Macro uncertainty also remains a concern, with the U.S. Senate's failure to secure the 60 votes needed for the CLARITY Act and the Federal Reserve's interest rate hike on September 16.
Rising exchange inflows for Ethereum and altcoins have added downward pressure on prices, while Bitcoin's inflows to exchanges have remained relatively stable. CryptoQuant has identified $70,000 as a key support level, with the 200-day moving average sitting at this price. Additionally, the $62,000 to $65,000 range is where on-chain holdings are concentrated.