Bitcoin's Bull Momentum Slows Amid Weakening US Demand and Macroeconomic Uncertainty

Bitcoin (BTC) has continued its bullish trend, but analysis suggests the market is entering a 'cooling bull' phase as price momentum and US investor demand weaken.

CryptoQuant reported on August 16 that Bitcoin has been consolidating between $76,000 and $82,000, with current prices nearing the lower end of the range, slowing upward momentum. The CryptoQuant Bull Score dropped from 80 to 60, indicating a shift from 'super bull' to 'cooling bull' as both price momentum and demand growth weaken.

Notably, US investor spot buying pressure has weakened, with Coinbase Premium turning negative at -0.05 near $80,000, signaling reduced US buyer interest compared to previous periods.

Macroeconomic uncertainty also weighs on the short term. Following the US Senate's failure to secure 60 votes for the CLARITY Act and the Federal Reserve's first rate hike since 2023, concerns about liquidity conditions have intensified.

Ethereum (ETH) and altcoins saw increased exchange inflows, with Ethereum's exchange inflow surging in late August and early September, while altcoin exchange transactions hit a nine-month high of 56,000 on August 8. CryptoQuant noted historical trends show rising exchange inflows often increase downward price pressure.

Bitcoin's exchange inflows remained relatively stable, with temporary spikes during its rise to $82,000 followed by a decline. CryptoQuant highlighted key support levels at the 200-day moving average ($70,000) and the on-chain accumulation zone between $62,000 and $65,000.