{"id":573345,"date":"2024-02-05T19:00:21","date_gmt":"2024-02-05T19:00:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=573345"},"modified":"2024-06-11T07:02:24","modified_gmt":"2024-06-11T07:02:24","slug":"bitcoin-cdd-bullish-breakout-rally-returning-flow","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-cdd-bullish-breakout-rally-returning-flow\/","title":{"rendered":"Bitcoin CDD Shows Bullish Breakout, Rally Returning In Full Flow?"},"content":{"rendered":"<p>On-chain data shows a bullish breakout brewing in the Binary CDD indicator for Bitcoin, a sign that a strong price rise could be ahead for the asset.<\/p>\n<h2>Bitcoin Binary CDD Is Breaking Out Of Accumulation Zone<\/h2>\n<p>As pointed out by an analyst in a CryptoQuant Quicktake <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/65bf597087ea7a4682db4749-density-of-Binary-CDD-data-is-increasing\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a>, the <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-binary-cdd-stays-low-heres-what-this-means\/\" target=\"_blank\" rel=\"noopener \">Binary Coin Days Destroyed<\/a> (CDD) appears to be forming a pattern for the cryptocurrency that has usually been the starting point of a bullish trend.<\/p>\n<p>A &#8220;coin day&#8221; refers to a quantity that 1 BTC accumulates after staying dormant on the blockchain for &#8220;1&#8221; day. When a token that had been dormant for some number of days finally moves on the network, its coin days counter naturally resets back to zero.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/chainlink-news\/chainlink-surges-12-18-link-set-retest-20-next\/\" target=\"_blank\" rel=\"noopener \">Chainlink Surges 12% To $18: Price Set To Retest $20 Next?<\/a><\/div>\n<p>The coin days that this token was carrying are thus said to be &#8220;destroyed.&#8221; The CDD keeps track of the total number of such coin days being reset through transactions across the network.<\/p>\n<p>The Binary CDD, the actual metric of interest here, compares the current CDD against its historical average to tell us whether the CDD is higher or lower than the norm right now. As its name suggests, it can only assume one of two values: 0 or 1.<\/p>\n<p>Now, here is a chart that shows the trend in the Bitcoin Binary CDD over the last few years:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/4739\/quicktake\/3P7ev_d1386d5629af7667acb4591c3398b1e8ba300e755f5ab72ee86f8e3ea9eb1ab2.png?resize=1280%2C806&#038;ssl=1\" alt=\"Bitcoin Binary CDD\" width=\"1280\" height=\"806\"><\/p>\n<pre style=\"text-align: center\">The value of the metric appears to have been getting more dense recently | Source: <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/65bf597087ea7a4682db4749-density-of-Binary-CDD-data-is-increasing\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/pre>\n<p>From the graph, it&#8217;s visible that the Bitcoin Binary CDD didn&#8217;t register a value of 1 too frequently between the end of the 2021 bull run and the final parts of 2023. Since around November of last year, though, the density of instances where Binary CDD observed 1 has grown stronger.<\/p>\n<p>When the Binary CDD is 1, it means that the CDD is greater than its historical average currently. This implies that old coins are observing more movement than usual right now.<\/p>\n<p>The &#8220;<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/hodling-rewards-bitcoin-long-term-holder-55-profit\/\" target=\"_blank\" rel=\"noopener \">long-term holders<\/a>&#8221; (LTHs) are investors who carry large amounts of coin days at any given point, as they tend to keep their BTC dormant for long periods (the cutoff for a holder to be included in the cohort is 155 days).<\/p>\n<p>As such, spikes in the CDD tend to signal that these HODLers are on the move. &#8220;In an upward cycle, the movement of long-term holders increases as the price rises (orange boxes), and in a downward cycle, it decreases (blue boxes),&#8221; notes the quant. &#8220;This pattern has been repeating since the previous cycles.&#8221;<\/p>\n<p>Since the LTHs have started to move now, it&#8217;s possible the market is now in the same phase as during the previous bullish periods, highlighted with the orange boxes by the analyst.<\/p>\n<p>A similar pattern is also visible in the 182-day moving average (MA) of the Binary CDD, as the chart below shows.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/4739\/quicktake\/J00DziB0_cbf0437bed339956e52bae61851b52d0e704143393a168e13ae36c1b4cca13e7.png?resize=1280%2C503&#038;ssl=1\" alt=\"Bitcoin Pattern\" width=\"1280\" height=\"503\"><\/p>\n<pre style=\"text-align: center\">Looks like the metric is starting to show a breakout | Source: <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/65bf597087ea7a4682db4749-density-of-Binary-CDD-data-is-increasing\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/pre>\n<p>As is apparent from the graph, the 182-day MA of the Bitcoin binary CDD is beginning to break out of the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-miners-show-accumulation-again-bullish-sign\/\" target=\"_blank\" rel=\"noopener \">accumulation<\/a> zone, which is something that has historically led to sustained price surges for the cryptocurrency.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/four-key-bitcoin-price-levels-watch-reveals-analyst\/\" target=\"_blank\" rel=\"noopener \">These Are The Four Key Bitcoin Price Levels To Watch, Reveals Analyst<\/a><\/div>\n<p>&#8220;It&#8217;s still worth monitoring, but finally, it has broken out of this range,&#8221; says the quant. &#8220;If it strongly surpasses this range, there is a high possibility that a full-fledged upward price cycle is beginning.&#8221;<\/p>\n<h2>BTC Price<\/h2>\n<p>After its dip towards the $42,200 mark over the weekend, Bitcoin appears to have kicked off the week with a return back above $43,000.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/eESKlHQ0\/\" alt=\"Bitcoin Price Chart\" width=\"1534\" height=\"864\"><\/p>\n<pre style=\"text-align: center\">The price of the coin has already bounced back today | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On-chain data shows a bullish breakout brewing in the Binary CDD indicator for Bitcoin, a sign that a strong price rise could be ahead for the asset. Bitcoin Binary CDD Is Breaking Out Of Accumulation Zone As pointed out by an analyst in a CryptoQuant Quicktake post, the Binary Coin Days Destroyed (CDD) appears to be forming a pattern for the cryptocurrency that has usually been the starting point of a bullish trend. A &#8220;coin day&#8221; refers to a quantity that 1 BTC accumulates after staying dormant on the blockchain for &#8220;1&#8221; day. When a token that had been dormant for some number of days finally moves on the network, its coin days counter naturally resets back to zero. Related Reading: Chainlink Surges 12% To $18: Price Set To Retest $20 Next? The coin days that this token was carrying are thus said to be &#8220;destroyed.&#8221; The CDD keeps track of the total number of such coin days being reset through transactions across the network. The Binary CDD, the actual metric of interest here, compares the current CDD against its historical average to tell us whether the CDD is higher or lower than the norm right now. As its name suggests, it can only assume one of two values: 0 or 1. Now, here is a chart that shows the trend in the Bitcoin Binary CDD over the last few years: The value of the metric appears to have been getting more dense recently | Source: CryptoQuant From the graph, it&#8217;s visible that the Bitcoin Binary CDD didn&#8217;t register a value of 1 too frequently between the end of the 2021 bull run and the final parts of 2023. Since around November of last year, though, the density of instances where Binary CDD observed 1 has grown stronger. When the Binary CDD is 1, it means that the CDD is greater than its historical average currently. This implies that old coins are observing more movement than usual right now. The &#8220;long-term holders&#8221; (LTHs) are investors who carry large amounts of coin days at any given point, as they tend to keep their BTC dormant for long periods (the cutoff for a holder to be included in the cohort is 155 days). As such, spikes in the CDD tend to signal that these HODLers are on the move. &#8220;In an upward cycle, the movement of long-term holders increases as the price rises (orange boxes), and in a downward cycle, it decreases (blue boxes),&#8221; notes the quant. &#8220;This pattern has been repeating since the previous cycles.&#8221; Since the LTHs have started to move now, it&#8217;s possible the market is now in the same phase as during the previous bullish periods, highlighted with the orange boxes by the analyst. A similar pattern is also visible in the 182-day moving average (MA) of the Binary CDD, as the chart below shows. Looks like the metric is starting to show a breakout | Source: CryptoQuant As is apparent from the graph, the 182-day MA of the Bitcoin binary CDD is beginning to break out of the accumulation zone, which is something that has historically led to sustained price surges for the cryptocurrency. Related Reading: These Are The Four Key Bitcoin Price Levels To Watch, Reveals Analyst &#8220;It&#8217;s still worth monitoring, but finally, it has broken out of this range,&#8221; says the quant. &#8220;If it strongly surpasses this range, there is a high possibility that a full-fledged upward price cycle is beginning.&#8221; BTC Price After its dip towards the $42,200 mark over the weekend, Bitcoin appears to have kicked off the week with a return back above $43,000. The price of the coin has already bounced back today | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":573400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87426,86073,11680,89196,86992,6481,1119,1144],"class_list":["post-573345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-binary-cdd","tag-bitcoin-breakout","tag-bitcoin-bullish","tag-bitcoin-bullish-breakout","tag-bitcoin-cdd","tag-bitcoin-rally","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin CDD Shows Bullish Breakout, Rally Returning In Full Flow?<\/title>\n<meta name=\"description\" content=\"On-chain data shows a bullish breakout brewing in 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Verma\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g\",\"caption\":\"Keshav Verma\"},\"description\":\"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. 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\u2019s 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\u2019t 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\u2019t 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.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/keshavverma29\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29\"],\"url\":\"https:\/\/uniquehot.com\/author\/hououinkyouma29\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin CDD Shows Bullish Breakout, Rally Returning In Full Flow?","description":"On-chain data shows a bullish breakout brewing in the binary CDD for Bitcoin, a sign that strong price rise could be ahead for the asset.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/bitcoin-cdd-bullish-breakout-rally-returning-flow\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin CDD Shows Bullish Breakout, Rally Returning In Full 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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\u2019s 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\u2019t 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\u2019t 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. 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