- The BTC CDD suggested that the trend was still below critical levels
- Long-term holders have accumulated around 1 million BTC since July
In March 2024, Bitcoin hit a new all-time high. It has since sparked debates among investors about whether this marked the peak of the bull market or not. Now, while some argue this could be the final top, on-chain data suggests otherwise.
In fact, metrics like Coin Days Destroyed (CDD) seemed to indicate that the market may still have room for further upside.
Bitcoin’s top in yet?
In March 2024, Bitcoin saw a notable spike in the Coin Days Destroyed (CDD) metric, signaling that some long-term holders took profits around the all-time high. However, further analysis revealed that the CDD has not yet reached the critical “red zone.” This zone typically signals the final market top.
What this means is that while the March peak represented a significant interim high, it likely wasn’t the ultimate peak of the current cycle. By extension, the trend in the CDD metric indicated that there is still potential for further price hikes in the coming months.
Source: CryptoQuant
CDD is an important on-chain metric that tracks the movement of older, long-held Bitcoin. It provides insights into when long-term holders are selling, giving a clearer picture of the market’s maturity and possible future trends.
The fact that the CDD is yet to reach its peak implies that the bull market may still have room to grow. Especially with long-term holders showing caution but not fully exiting.
Long-term holders continue to accumulate Bitcoin
An analysis of Bitcoin Long-term Holders (LTH) supply data from Glassnode also revealed a positive sentiment that aligns with the trend observed in the Coin Days Destroyed (CDD) metric.
According to the same, these long-term holders began increasing their accumulation in July, when Bitcoin’s price started to decline.
Source: Glassnode
Between 19 July and 06 September, the supply of Bitcoin held by long-term holders has grown significantly, rising from approximately 13.5 million BTC to over 14.1 million BTC. This accumulation trend suggests that long-term holders maintain confidence in Bitcoin’s long-term prospects, despite the recent price drop, and are not exiting their positions.
This growing supply is a sign that long-term holders are capitalizing on the lower prices, reinforcing the belief that the market still has room for further upside. Especially as these key investors continue to hold and accumulate, rather than sell.
BTC falls further down the charts
Bitcoin’s price struggle has persisted, with AMBCrypto’s analysis of its daily chart showing a decline of over 3% in the last trading session. The decline brought its price down to around $56,000. At the time of writing, the decline seemed to continue with an additional 0.7% drop, pushing the price to approximately $55,700.
Source: TradingView
The Relative Strength Index (RSI) for Bitcoin had dropped slightly below 40, indicating that it entered the oversold zone. Simply put, selling pressure may have peaked, which could signal a potential price rebound shortly.
– Read Bitcoin (BTC) Price Prediction 2024-25
However, despite the ongoing price decline, the positive trend in Bitcoin’s Long-Term Holder (LTH) supply could encourage further accumulation at this price level.
As long-term holders continue to build their positions, it may provide support for the price. This can potentially lead to stabilization or even recovery, as the market digests the downtrend.
- The BTC CDD suggested that the trend was still below critical levels
- Long-term holders have accumulated around 1 million BTC since July
In March 2024, Bitcoin hit a new all-time high. It has since sparked debates among investors about whether this marked the peak of the bull market or not. Now, while some argue this could be the final top, on-chain data suggests otherwise.
In fact, metrics like Coin Days Destroyed (CDD) seemed to indicate that the market may still have room for further upside.
Bitcoin’s top in yet?
In March 2024, Bitcoin saw a notable spike in the Coin Days Destroyed (CDD) metric, signaling that some long-term holders took profits around the all-time high. However, further analysis revealed that the CDD has not yet reached the critical “red zone.” This zone typically signals the final market top.
What this means is that while the March peak represented a significant interim high, it likely wasn’t the ultimate peak of the current cycle. By extension, the trend in the CDD metric indicated that there is still potential for further price hikes in the coming months.
Source: CryptoQuant
CDD is an important on-chain metric that tracks the movement of older, long-held Bitcoin. It provides insights into when long-term holders are selling, giving a clearer picture of the market’s maturity and possible future trends.
The fact that the CDD is yet to reach its peak implies that the bull market may still have room to grow. Especially with long-term holders showing caution but not fully exiting.
Long-term holders continue to accumulate Bitcoin
An analysis of Bitcoin Long-term Holders (LTH) supply data from Glassnode also revealed a positive sentiment that aligns with the trend observed in the Coin Days Destroyed (CDD) metric.
According to the same, these long-term holders began increasing their accumulation in July, when Bitcoin’s price started to decline.
Source: Glassnode
Between 19 July and 06 September, the supply of Bitcoin held by long-term holders has grown significantly, rising from approximately 13.5 million BTC to over 14.1 million BTC. This accumulation trend suggests that long-term holders maintain confidence in Bitcoin’s long-term prospects, despite the recent price drop, and are not exiting their positions.
This growing supply is a sign that long-term holders are capitalizing on the lower prices, reinforcing the belief that the market still has room for further upside. Especially as these key investors continue to hold and accumulate, rather than sell.
BTC falls further down the charts
Bitcoin’s price struggle has persisted, with AMBCrypto’s analysis of its daily chart showing a decline of over 3% in the last trading session. The decline brought its price down to around $56,000. At the time of writing, the decline seemed to continue with an additional 0.7% drop, pushing the price to approximately $55,700.
Source: TradingView
The Relative Strength Index (RSI) for Bitcoin had dropped slightly below 40, indicating that it entered the oversold zone. Simply put, selling pressure may have peaked, which could signal a potential price rebound shortly.
– Read Bitcoin (BTC) Price Prediction 2024-25
However, despite the ongoing price decline, the positive trend in Bitcoin’s Long-Term Holder (LTH) supply could encourage further accumulation at this price level.
As long-term holders continue to build their positions, it may provide support for the price. This can potentially lead to stabilization or even recovery, as the market digests the downtrend.
can i buy clomid tablets where can i buy generic clomiphene where buy clomid pill where can i buy generic clomid without prescription how much does clomiphene cost without insurance where to buy generic clomid price where buy generic clomiphene no prescription
More posts like this would bring about the blogosphere more useful.
This website really has all of the information and facts I needed there this case and didn’t positive who to ask.
azithromycin 250mg generic – order ofloxacin 200mg online cheap where can i buy flagyl
order rybelsus without prescription – brand periactin cyproheptadine us
how to get domperidone without a prescription – order domperidone 10mg generic purchase flexeril without prescription
amoxicillin pill – brand combivent 100 mcg ipratropium 100mcg usa
zithromax order online – order nebivolol online cheap buy nebivolol 5mg online
buy generic augmentin – atbioinfo.com buy ampicillin medication
order nexium 20mg pills – https://anexamate.com/ order nexium 40mg for sale
order medex generic – https://coumamide.com/ hyzaar price
order meloxicam 15mg without prescription – https://moboxsin.com/ mobic 7.5mg usa
order deltasone 10mg generic – arthritis buy prednisone without prescription
buy ed pills uk – buy ed pills sale male ed drugs
amoxicillin cost – https://combamoxi.com/ amoxil over the counter
buy diflucan 100mg sale – click order diflucan 100mg generic
cenforce cost – https://cenforcers.com/# buy cheap cenforce
cialis priligy online australia – https://ciltadgn.com/ cialis daily dose
buy cialis cheap fast delivery – strong tadafl super cialis
buy zantac for sale – https://aranitidine.com/# order zantac for sale
sildenafil generic blue pill sc 100 – https://strongvpls.com/# viagra 100mg price
More peace pieces like this would make the web better. este sitio
Thanks on putting this up. It’s understandably done. buy neurontin without prescription
This is the kind of serenity I take advantage of reading. can i purchase generic clomid without rx
This is the kind of literature I positively appreciate. https://prohnrg.com/product/omeprazole-20-mg/
I am in point of fact enchant‚e ‘ to gleam at this blog posts which consists of tons of worthwhile facts, thanks for providing such data. prix viagra pharmacie
The thoroughness in this piece is noteworthy. https://ondactone.com/product/domperidone/
Good blog you have here.. It’s obdurate to on strong worth article like yours these days. I justifiably respect individuals like you! Go through guardianship!!
https://doxycyclinege.com/pro/losartan/
The thoroughness in this piece is noteworthy. http://www.underworldralinwood.ca/forums/member.php?action=profile&uid=487600
forxiga 10 mg for sale – https://janozin.com/ order dapagliflozin generic