#onchain #analysis
#BTC #long_term #bearish
This time Bitcoin will lose its support
Bitcoin is at a support level that has twice prevented its price from falling. Now it is back to that level of support. But by examining the CDD, it seems that this time is different from the previous two times.
In both previous cases, as Bitcoin reached above this support level, we saw a decrease in the 1-month moving average of CDD. This means a reduction in sales from long-term holders. But this time, unlike previous times, this metric is increasing. This means that long-term holders are moving and possibly selling their bitcoins. And this shows their lack of support for Bitcoin.
This means that Bitcoin has less support in this price range and this support line does not have the power of the previous times.
by ghoddusifar
