CryptoQuant: Bitcoin has entered a bull market cooling period, indicating a pause in its upward trend

After reaching an all-time high of over $123,000 last month, Bitcoin is showing signs of short-term consolidation or mild downside risk. Bitcoin has entered a bull market cooling phase, with the Bull Market Index falling from 80 to 60. While market conditions remain positive, upward momentum has weakened. The decline reflects both profit-taking following Bitcoin's recent all-time high and the seasonal slowdown in summer trading activity.