After a brief drop to $98,000 over the weekend, Bitcoin (BTC) has recovered and is now trading above $101,000 at the time of writing. While concerns about a potential double top persist, on-chain data has yet to show any major warning signs.
Bitcoin Undergoing Healthy Consolidation
According to a recent CryptoQuant Quicktake post by contributor Avocado_onchain, despite broader market sentiment turning bearish, BTC has not yet displayed any significant red flags. In fact, the cryptocurrency still appears to be in a consolidation phase.
Notably, the 30-day moving average (MA) of Binary Coin Days Destroyed (CDD) indicates that long-term holders are continuing to hold onto their BTC rather than selling. This suggests that investors remain optimistic about Bitcoin’s potential for further upside in the near term.
For the uninitiated, the 30-day MA Binary CDD smooths out daily fluctuations to show how frequently long-term Bitcoin holders are moving their coins over a month. A
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