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CryptoQuant: Bitcoin has entered a bull run cooling period, and the Fed's interest rate cut in the September meeting may become a new catalyst.
BlockBeats news, on August 8, the blockchain data analysis company CryptoQuant pointed out that after Bitcoin set a historical high of $123,000 last month, it is showing signs of short-term consolidation or moderate downside risk. The company stated in a report released on Thursday: "Bitcoin has entered a bull run cooling period, with the bullish index dropping from 80 to 60. Although the overall environment remains positive, the upward momentum is weakening. CryptoQuant's bullish index evaluates the market strength of Bitcoin through multiple on-chain indicators, with values close to 100 representing strong buying pressure and bullish sentiment, while values close to zero indicate heavy selling pressure. CryptoQuant's analysis states that the current index value of 60 is still in the bullish range, but momentum continues to fade. The retreat of the index reflects profit-taking after the historical high and includes the seasonal slowdown of summer trading activity. The report specifically warns: "If the price further weakens, this indicator may fall into negative territory, causing the bullish index to drop below 40 for the first time since April 2023—this will officially confirm the market's transition into a Bear Market." CryptoQuant's research director Julio Moreno added: "The Fed's rate cut at the September meeting could become a new catalyst, which aligns with the general market expectation."