Bitcoin Nears Bull Market Threshold as Whales Sell
CryptoQuant still does not see a confirmed bull market: Bitcoin remains below $81,700, while whales take profits and U.S. spot ETF demand lags.
Key Takeaways
- Bitcoin is trading around $76,808 and remains below $81,700, the level CryptoQuant sees as confirmation of a new bull market.
- The Exchange Whale Ratio rose to 0.93, pointing to profit-taking by large holders and possibly extra selling pressure.
- U.S. demand remains weak, while resistance sits between $77,100 and $80,200 and support is around $70,000 and $62,000-$65,000.
Bitcoin is still below the level CryptoQuant sees as confirmation of a new bull market on Sunday. The price is trading around $76,808 (€66,300), about $4,900 (€4,230) below the $81,700 (€70,500) level, while large holders took profits and U.S. players did not visibly step in.
Whales Take Profits
CryptoQuant reported that the Exchange Whale Ratio came in at 0.93, a level the company sees as a warning sign. This metric shows how much of the inflow to exchanges comes from the biggest wallets. Since coins on exchanges are often sold, a spike like this points to more selling pressure from large players.
That picture fits a broader trend earlier this year. In June 2026, Bitcoin whales were still adding more than 270,000 BTC around $59,000 (€50,900), while U.S. spot Bitcoin ETFs saw record outflows of about $4.06 billion (€3.5 billion) during the same period. So this rally once again shows that large holders and institutional demand do not always move in the same direction.
Retail traders did join in, though. The Fear and Greed Index stood at 66, clearly in greed, and a taker buy/sell ratio of 1.12 showed traders were willing to pay more for leveraged positions.
U.S. Demand Remains Weak
A negative Coinbase Premium showed Bitcoin trading cheaper on the main U.S. crypto exchange than offshore. That is usually a sign that U.S. funds are not driving the move. CryptoQuant analyst GugaOnChain said the combination of fading price momentum and a FEI score in a zone of absolute noise raises the odds of a long squeeze.
In a long squeeze, traders who bet on further gains are forced to close their positions, which can push the price down even more. That risk grows as long as large wallets keep sending coins to exchanges and U.S. demand stays weak. The recent weak spot demand also fits that picture: futures trading helped at the time, but inflows in the spot market stayed thin.
Levels Above and Below the Price
On September 11, CryptoQuant put the nearest resistance between $77,100 (€66,500) and $80,200 (€69,200). Above that are $83,600 (€72,100) and $88,700 (€76,500). Long-term holders also sold in that first zone this year, with the company estimating as much as 539,000 BTC.
On the downside, support sits around $70,000 (€60,400) and again between $62,000 (€53,500) and $65,000 (€56,100). In that range, holders bought about 476,000 BTC this year. For European crypto readers, the key thing is that the market is now closely watching the role of U.S. funds and large wallets, since those two groups often decide whether a breakout holds or quickly fades.
