2 Key Metrics Show Bitcoin Selling Pressure Is Easing – Will BTC Rally? [Yahoo! Finance]
Coinbase Global, Inc. - 3Class A (COIN)
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Source: Yahoo! Finance
However, 2 key metrics now hint at an easing of selling pressure. Despite this, some analysts caution that buying power remains weak, restricting the chances of a significant price rally at least in the short term. According to data from CryptoQuant, Bitcoin's Coin Days Destroyed (CDD) metric has experienced a significant decline. For context, CDD tracks how long Bitcoin remains unspent before it is moved. When older coins are transferred, more coin days are destroyed, often signaling distribution by long-term holders. Elevated CDD levels are typically associated with selling pressure from these investors, while lower readings suggest that long-term holders are staying put. "We are now more than a month past the large BTC move from Coinbase. As a result, all averaged data is gradually returning to normal levels. Looking at Coin Days Destroyed (CDD), we can clearly observe a sharp decline following that event. What's particularly interesting is that this decrease has reached a
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