Bitcoin’s (BTC) bull market is maintaining strength according to key metrics while displaying clear signs of fatigue after reaching an eight-month high.

The market confirmed its bull market status with a close above the 365-day moving average, says CryptoQuant.

The analytics platform adds that CryptoQuant’s Bitcoin Bull Score Index remains at 90/100, which it notes as an “extremely bullish” signal.

Meanwhile, CryptoQuant says BTC is flashing signs of exhaustion as traders’ on-chain unrealized profit margin reached 33%, the highest level since December 2024, leaving a large pool of gains available to realize.

“Historically, stretched margins have preceded selling and downward price pressure.”

Profit-taking has already begun, with 25,700 BTC realized in profits on September 22nd, marking the largest single-day total of 2026.

Demand is cooling as well, with apparent spot demand contracting by 170,000 BTC over the past 30 days and futures demand growth slowing from 164,000 BTC on September 14th to just 16,000 BTC currently.

Support levels remain well-defined below current prices at the 365-day MA near $80,000, the 200-day MA around $71,000 and traders’ realized price at $67,000.