After today's CDD data, there was a slight drop following the entry of old Bitcoins into the exchange. Some of these are very old, while others are more recent. Although their quantities are not large, they can have an immediate impact on the markets.

Looking at the intraday CDD data, with high values, I observed the following: 4% for 3-5 years, 8% for 2-3 years, 4% for 12-18 months, and 2% for 6-12 months. These have an immediate impact on the price. Sometimes there are more transfers, sometimes fewer. The remaining part mostly comes from intraday traders, which isn't very significant.

When CDD data like this comes in alongside selling pressure, it must be evaluated.

Summary: After the entry of old Bitcoins, there was a drop in Bitcoin. However, since their quantities are small, this selling pressure cannot last long and the price should recover shortly after the initial impact.

Written by XBTManager