Bitcoin Binary CDD Confirms Long-Term Confidence: Strong HODLer Conviction
Main Idea
Bitcoin is showing signs of a potential breakout into price discovery, with strong support levels and on-chain data indicating long-term holder confidence.
Key Points
1. Bitcoin's price action is consolidating below its all-time high of $112,000, with strong support around $108,000.
2. The Binary Coin Days Destroyed (CDD) metric indicates long-term holders are inactive, suggesting confidence in Bitcoin's value.
3. Analysts note that a breakout above $109,300 could lead to new price discovery, while a drop below $103,600 may test lower support levels.
4. Volume remains low, indicating a potential buildup before a significant price movement.
5. The market structure remains bullish as long as Bitcoin holds above key support levels, with higher lows reinforcing positive momentum.
Description
Bitcoin is gearing up for a potential breakout into price discovery, with price action showing notable strength above key support levels. After an attempt to close above the all-time high of $112,000 on Friday fell short, bulls are now focused on securing a strong weekly close that could trigger a new leg higher. The market is watching closely, as the coming days may determine whether BTC is ready to break free from its current range and chart new highs. On-chain data from CryptoQuant adds to th...
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