Bitcoin’s recent movement has indeed seemed calm. The price remains in the same range without any major ups or downs.
But interestingly, there’s one on-chain indicator that’s actually pointing in the opposite direction. It’s called Binary CDD, an indicator that tracks the sudden resurgence of old coins.
According to data shared by analyst Avocado_onchain at CryptoQuant, this indicator briefly rose, then fell again. This means that activity from old holders, which usually signals readiness for a large-scale sell-off, has actually decreased.
Typically, when Binary CDD spikes, the market becomes tense because it’s considered “overheated.” But now? The pattern has changed.
Bitcoin’s steady move reflects a cautious but active market
Some analysts argue that Bitcoin’s current price movement is like climbing a ladder: slowly but steadily moving upward. After Binary CDD’s initial rise, BTC has tended to move flat over the past few weeks.
According to market analysis, if the Bitcoin price drops, the first support level to watch could be around $114,790, with any further decline leading to the next support level at $111,909. But if it remains above $114,790, the chance of rising towards the initial major resistance level at $120,899 is very much possible.
Many large market players, including institutions, are now channeling their funds through alternative channels, such as OTC (over-the-counter), making their footprint in on-chain data increasingly difficult to predict.
Furthermore, derivatives data also shows that the market hasn’t completely lost steam.
According to CoinGlass data, trading volume rose sharply by 16.16% to $103.78 billion. Options volume even surged 41.28%, indicating that many traders are beginning to speculate on the market’s future direction.
However, open interest actually fell by 4.12%, which could be interpreted as “position clearing” by some market participants.
On the other hand, the long/short ratio on Binance for the BTC/USDT pair is currently at 1.04. This means there is still a slight bias toward long positions, but not strong enough to be considered completely optimistic.
It’s possible that the majority are remaining cautious while awaiting confirmation of the direction.
Furthermore, selling pressure from long-term holders remains relatively low. This is another reason why many believe Bitcoin still has the potential to continue rising, although the price doesn’t have to be rapid.
For now, perhaps we should be content with an “up-down-but-up-again” movement rather than hoping for an instant surge.