Key Points
- Bitcoin’s 60-day Coin Days Destroyed (CDD) has returned to baseline, indicating a slowdown in long-term holder activity.
- Bitcoin’s MVRV Ratio rebounded to 126.73%, suggesting most holders are back in profit territory.
Bitcoin’s Coin Days Destroyed (CDD), a measure of long-term holder activity, has returned to baseline after a year of heightened activity.
This change coincides with the broader market entering a phase of sideways trading, with the price of Bitcoin hovering just below the critical $96K resistance zone.
Are Whales Preparing for Accumulation?
Large Bitcoin holders appear to be slowing their distribution pace, with the 7-day Netflow plunging by –619.31%.
This sharp decrease in outflows could signal a shift in whale behavior from selling to holding or accumulating Bitcoin.
Bitcoin’s MVRV Ratio, a measure of profitability, has rebounded to 126.73% after reaching lows near 83% in early April.
This recovery suggests most holders are back in profit territory, which could lead to increased sell-side pressure.
Bitcoin’s Social Buzz and Technical Outlook
Social sentiment towards Bitcoin has seen an uptick, with Social Dominance reaching 25.04% and Social Volume at 3,274.
This renewed interest from retail investors often correlates with rising volatility, potentially acting as a secondary catalyst for momentum.
From a technical perspective, Bitcoin is hovering near the $96K resistance level.
A decisive close above this level could trigger a rally towards $100K.
However, rejection at this level might extend the consolidation phase.
The long-term holder activity of Bitcoin is stabilizing, and whale outflows are decreasing.
With growing social interest and prices consolidating below resistance, Bitcoin appears poised for a breakout.
However, for this rally to materialize, bulls must reclaim and maintain levels above $96K to confirm the upward momentum.
