How to Detect the Future of Bitcoin Decline and Selling Pressure?
CrytotoQuant shared critical data that directly triggered the decline in Bitcoin (BTC) price.
Analysts of on-chain analysis platform CrytotoQuant examined the connection between Bitcoin and CDD data. Coin Days Destroyed (CDD), which is associated with long-term investor movements, appears as a data that defines when long-held Bitcoins are moved.
According to the analyst, whenever long-term Bitcoin investors take action, serious volatility and often declines are observed in the Bitcoin price. The way to predict future price movements, at least for a while, is to closely examine the CDD data.
Finally, the analyst stated that there was a serious CDD flow on April 24 and drew attention to the accompanying declines:
You can examine the selling pressure that started in the market after the CDD data was received in the table below. New uptrends will not emerge until this pressure is broken. The last high CDD data in spot markets came on April 24. Following this data, we witnessed a serious sales pressure.
Sharing is for informational purposes only
It is not investment advice
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