Bitcoin’s climb to $87,400 is beginning to show signs of fatigue. After a powerful recovery that pushed the largest cryptocurrency sharply higher, the market is now confronting a different problem: investors are increasingly taking profits while fresh demand appears to be losing momentum.
The warning signs do not necessarily mean the bull market has ended. Instead, they suggest that Bitcoin may be entering a phase where sellers have greater influence and where a pullback could test the strength of the latest advance.
On September 22, Bitcoin holders realized approximately 25,700 BTC in profits, the largest single-day profit-taking event recorded in 2026. Realized profits matter because they show that investors who bought Bitcoin at lower prices are converting paper gains into actual returns.
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When profit-taking accelerates after a substantial rally, it can create additional supply just as new buyers become more selective. The broader profitability picture is also notable. Traders’ unrealized profit margins have reached 33%, their highest level since December 2024.
That means a large portion of the market is sitting on substantial gains. Such conditions can become a source of selling pressure because investors who have accumulated significant unrealized profits have a greater incentive to lock them in if momentum weakens.
At the same time, Bitcoin’s demand structure is becoming less supportive. Apparent spot demand has declined by roughly 170,000 BTC over the past 30 days. That contraction matters because sustained price appreciation requires sufficient buying pressure to absorb coins being distributed by existing holders.
The derivatives market is showing a similar slowdown. Futures demand growth fell dramatically from an increase of 164,000 BTC on September 14 to just 16,000 BTC. The change suggests that speculative demand is still present, but its rate of expansion has weakened considerably.
Another signal is emerging from exchange activity involving altcoins. Over the past seven days, exchange inflows reached approximately 76,000 transactions and 51,000 depositing addresses, the highest levels since October 2025.
Rising deposits can indicate that investors are moving assets toward exchanges where they can be sold or repositioned. It does not guarantee that selling will follow, but the increase adds another layer of caution to the market.
The critical question now is whether weakening demand can coexist with elevated profit-taking without causing a deeper correction. The first level to watch is $80,000. A decline toward that area would test whether buyers remain willing to defend the psychological and technical support zone. Below it, $71,000 becomes increasingly important, followed by approximately $67,000.
A move toward those levels would not automatically invalidate the broader bullish structure. Markets rarely rise in straight lines, and corrections can remove excessive leverage, redistribute coins and establish stronger foundations for another advance.
Bitcoin’s current setup is therefore less about declaring the bull market over and more about measuring its resilience. The rally has created substantial profits, but it has also created potential sellers. If demand returns strongly, the current weakness could prove temporary.
If demand continues deteriorating while realized profits remain elevated, Bitcoin could face a more meaningful reset. The next phase will be determined not simply by how high Bitcoin has climbed, but by whether new buyers can absorb the supply being released by increasingly profitable holders.