Bitcoin is poised for a big move. After a near-miss at breaking its all-time high of $112,000, it’s showing real strength above key support levels. A strong weekly close could be the trigger for a significant price increase.
Long-Term Holders are HODLing
Data from CryptoQuant paints an optimistic picture. The Binary Coin Days Destroyed (CDD) metric, which tracks when long-held Bitcoins are moved, is unusually low. This is twice below its annual average. Usually, a surge in CDD means long-term holders are selling. But the current low activity suggests they’re confident and holding onto their Bitcoin. This, combined with Bitcoin’s steady price and strong support around $108,000, is a very positive sign. A continued bullish trend could send Bitcoin into uncharted territory.
Analyzing the CDD Indicator
Analyst Axel Adler’s analysis of the CDD indicator further supports this. He points out that the low CDD activity shows long-term holders aren’t selling, even with recent price increases. Interestingly, even the recent movement of coins linked to Roger Ver had a minimal impact on the overall market. In past market cycles, CDD spikes happened at market peaks (near $70,000 and $100,000). The lack of a spike now suggests the current rally is healthy and not overheated.
Bitcoin’s Price Action: A Consolidation Before the Storm?
Bitcoin is currently trading in a tight range just below its all-time high of $112,000, around $108,245. It’s repeatedly tested the $109,300 resistance level but hasn’t broken through decisively. Buyers are strongly defending the $106,000–$106,500 area, supported by key moving averages. Trading volume is relatively low, possibly suggesting a build-up before a major price swing.
The current price range ($103,600 to $109,300) looks like a classic consolidation period. A breakout above $109,300 could lead to a significant price increase, while a drop below $103,600 might cause a retest of lower support levels. As long as Bitcoin stays above $106,000, and especially $103,600, the overall trend remains bullish. We’re likely to see a decisive move soon, so watch for increased volume and a clear break of either resistance or support.
