Bitcoin has yet to make new all-time highs or turn the previous 2021 peak into solid support.
While some are confident that the #BTC price opening will return, those who analyze signals on the #blockchain are starting to worry.
Among them is TXMC analyst and host of the YouTube channel Alpha #Beta Soup.
TXMC published fresh VDD data on X this week and found that the chart shows highs that were just before BTC/USD hit a macro top.
"A rare 4.0 print," he wrote in an accompanying comment.
Has the chain's momentum reached its zenith?
The VDD multiplier compares a chain's value to historical averages to determine when market sentiment dictates a price top. The "value days destroyed" component refers to the number of days the coin was not used in the chain.
In March, when the VDD ratio was around 3.5, TXMC had already called the figure "overheated.
"Not perfect, but noteworthy," he wrote at the time.
Still, this year is decidedly different from the beginning of 2021. While the latest VDD ratio was surging, the BTC/USD exchange rate has already doubled from its previous all-time high of $BTC "We are printing the same value in 2024, but still AT from the previous all-time high," TXMC added, concluding that the overall picture is "uncertain.
As Cointelegraph recently reported, other chart indicators are giving traders reason for cautious optimism.
Classic indicators such as the Relative Strength Index (RSI) have recently been "reset" to levels last seen in late January.
According to Cointelegraph Markets Pro and TradingView, the daily RSI was 53 on April 10, which is still well below the traditional "overbought" zone that starts at 70 and accompanies the steepest rises in the BTC price cycle.
In a strong bullish trend, the time to bounce is usually when the daily RSI for #bitcoin retests ±50. Right now, we are testing ±50," noted popular day trader Ger.
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