【CryptoQuant: Bitcoin has entered a bull market cooling period, and the Fed's rate cut at the September meeting may become a new catalyst】 Golden Finance reports that blockchain data analysis company CryptoQuant points out that after Bitcoin reached a historical high of $123,000 last month, it is showing signs of short-term consolidation or mild downward risk. The company stated in a report released on Thursday: "Bitcoin has entered a bull market 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 assesses Bitcoin market strength through multiple on-chain indicators, with values close to 100 representing strong buying pressure and bullish sentiment, while close to zero indicates heavy selling pressure. CryptoQuant analyzes that the current index value of 60 is still in the bullish range, but momentum continues to fade. The index's decline reflects profit-taking after reaching a historical high and includes the seasonal slowdown of summer trading activity. The report specifically warns: 'If prices continue to weaken, 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 to a bear market.' CryptoQuant's research director Julio Moreno added: 'The Fed's rate cut at the September meeting may become a new catalyst, which aligns with market expectations.'

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