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Bitcoin remains in a bull market, but a short-term correction may be nearing as short-term traders’ unrealized profit margins have climbed to their highest level in 21 months, according to a CryptoQuant assessment cited by The Block.
CryptoQuant head of research Julio Moreno said in a report that short-term traders’ on-chain unrealized profit margins recently rose to 33%, the highest since December 2024. Historically, margins at that level have encouraged profit-taking, Moreno said. On Sept. 22, Bitcoin holders realized profits on 25,700 BTC, the largest daily amount so far in 2026, he added.
Moreno also said Bitcoin demand is slowing in both spot and futures markets, and the uptrend may be difficult to sustain without fresh demand. While the bull market remains intact, signs of fatigue are emerging, he said, pointing to elevated profit margins, the largest profit-taking of 2026, explosive inflows into altcoins, and cooling demand as signals of a possible short-term correction.
If Bitcoin enters a pullback, Moreno said the 365-day moving average near $80K would serve as the first support level. Additional support could come from the 200-day moving average near $71K and the on-chain traders’ realized price near $67K. As long as those support levels hold, such a correction would be a healthy pullback within an early-stage bull market, Moreno added.