The cryptocurrency market is at a critical juncture as buy pressure shows signs of stalling, according to on-chain data from CryptoQuant and Glassnode. On September 30, CryptoQuant highlighted a tweet by analyst @MorenoDV_, warning that the delta of buy pressure may be rolling over even as prices continue to climb. If this divergence persists, it could signal that the ongoing rally is losing underlying support, prompting traders to reassess their positions.
Glassnode's latest report adds further nuance. Bitcoin remains above significant cost floors, but spot Bitcoin ETF inflows—which reached roughly $1 billion on two separate days in late September—have since weakened considerably, contributing to a sideways price trend. The analytics firm notes that long-term Bitcoin investors increased their selling this week, while total Bitcoin trading volume sits near the lower end of the range observed since the launch of US spot ETFs. The most important short-term resistance lies between $85,000 and $85,500, where concentrated sell orders are capping upside. On the downside, the first major support is the Real Market Average at $77,200.
Although Bitcoin has outperformed the S&P 500 on most of the last 30 trading days, it suffered a sharper decline than equities during this week's pullback. Meanwhile, the altcoin market has outperformed Bitcoin over the past month without excessive speculation or new leverage accumulation, but that momentum has faded over the last week. Both CryptoQuant and Glassnode urge caution, as the divergence between price and buy pressure could dictate whether the rally resumes or stalls.
