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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

This Bitcoin Metric Suggests Selling Pressure May Be Reaching Exhaustion

Keshav Verma
Keshav Verma
1 year ago
2 mins read

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On-chain data shows the Bitcoin binary CDD has been going down recently, a sign that selling pressure may be getting exhausted in the market.

Bitcoin 21-Day MA Binary CDD Has Been Observing Downtrend Recently

As pointed out by an analyst in a CryptoQuant post, there was some heavy distribution going on in the market just a while ago. The relevant indicator here is “Coin Days Destroyed” (CDD). A coin day is the amount that 1 BTC accumulates after sitting still in a single address for 1 day.

When a coin that was previously dormant (and was thus carrying some coin days) makes some movement on the chain, its coin days counter resets back to zero, and the coin days it had accumulated are said to be “destroyed.” The CDD metric measures the total amount of such coin days being destroyed across the network on any given day.

When this indicator has a large value, it means long-term holders are possibly moving or selling their coins as this cohort tends to stack up huge numbers of coin days. “Binary CDD,” the version of the metric being used here, tells us whether the supply-adjusted CDD is more or less than the average supply-adjusted CDD.

Related Reading: Bitcoin Bottom Or More Pain? Here’s What BitMEX Founder Arthur Hayes Thinks

As the name already implies, this indicator can have only two values, 0 and 1. It’s 0 when the Bitcoin CDD is less than the average, while it’s 1 when it’s more. Here is a chart that shows the trend in the 21-day moving average value of this metric over the last few months:

Bitcoin CDD

Looks like the 21-day MA value of the metric has been on the way down in recent days | Source: CryptoQuant

As you can see in the above graph, the 21-day MA Bitcoin binary CDD had been climbing up between mid-October and late November, suggesting that the long-term holders were dumping. The BTC price took a large hit while this trend was taking place. However, in the last couple of weeks or so, the indicator has been rapidly going down instead.

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This could be a sign that the selling pressure that was previously present in the BTC market is now getting exhausted, which is something that can pave way for a bottom formation in the price.

BTC Price

At the time of writing, Bitcoin’s price floats around $17k, down 1% in the last week. Over the past month, the crypto has gained 1% in value.

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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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