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BTC

Bitcoin Absorbs LTH Selling — Consolidation at $120K Could Precede Breakout

I see Bitcoin sitting at a critical inflection after a run to fresh highs and a pullback from around $124,000. The market shows indecision as BTC struggles to hold above $120,000 while bulls remain in control overall.

The 30-day average Coin Days Destroyed (CDD) spiked in late July and has since declined, which I read as long-term holder selling easing and the market absorbing supply. That shift supports the case for consolidation rather than a sharp reversal.

I would remain cautious: continued decline in CDD and a clean reclaim of $120K would be bullish signs; failure to hold those levels could invite renewed downside pressure. For now I’m watching price action and on-chain flows closely.

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Analysis

The drop in the 30-day CDD from its late-July peak (~1.35M) indicates reduced distribution by long-term holders, meaning recent profit-taking has been absorbed by demand. Price action around $120K is ...

Recommendation

Maintain a hold stance and monitor CDD and price around $120K; consider scaling into positions if CDD continues to decline and BTC reclaims/holds $120K, or look to reduce exposure if support fails dec...

Disclaimer

The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.

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