Well, shucks, folks! It seems like Bitcoin‘s gone and done it again – busted right on through its previous all-time high like a wild mustang 🐴! As of last Thursday, the price was hovering above $117,000, leaving all the bulls in a mighty fine mood. And why not? The crypto market’s optimism is spreading faster than a prairie fire on a windy day!
Now, I know what you’re thinkin’, “What in tarnation is goin’ on here?” Well, let me spin you a yarn ’bout some on-chain data from CryptoQuant. It seems the Coin Days Destroyed (CDD) metric – a fancy way of seein’ if long-term holders are sellin’ – has returned to a relatively low average, despite the price bein’ higher than a kite in a tornado 🌪️. This means them experienced holders are sittin’ tight, holdin’ on for dear life, and not offloadin’ their positions just yet.
With long-term holders keepin’ their powder dry and momentum acceleratin’ like a runaway stagecoach, Bitcoin’s enterin’ a right decisive phase. The macroeconomic conditions are lookin’ favorable for risk assets, and institutional demand’s risin’ like a phoenix from the ashes. All eyes are on how BTC behaves at these new highs – and whether the rest of the crypto market will follow its lead like a loyal posse.
Bitcoin’s structure’s lookin’ mighty bullish, like a cowboy with a pocket full of aces. Analysts and traders are keepin’ a weather eye on on-chain indicators to see if long-term holders are startin’ to exit, but so far, the data’s sayin’ they’re not. Top analyst Darkfost shared some insights on the CDD metric, sayin’ it’s a key tool for assessin’ long-term holder activity. Recently, the metric saw a sharp spike, raisin’ concerns about possible distribution, but it turned out to be an internal transfer – no actual sellin’ occurred.
Since then, the CDD’s returned to its previous low range, especially compared to Bitcoin’s soarIN’ price. This signals that long-term holders are still sittin’ tight, showin’ no urgency to sell into strength. Their conviction’s reflectin’ growin’ expectations of higher prices ahead, supported by macro conditions, increasin’ adoption, and risin’ institutional interest.
With strong hands holdin’ firm and momentum buildin’, Bitcoin’s poised for continuation. As long as key support levels are maintained and long-term holders remain inactive, the setup favors an explosive move that could redefine price discovery in this cycle.
Bitcoin’s three-day chart’s showin’ a textbook breakout from eight weeks of compression. Thursday’s candle closed firmly above the former record cluster at $109,300, openin’ the door for a vertical push that carried price to $118,800 on the very next print. The candle body towers well above the 50-period SMA, while the 100- and 200-period averages slope higher beneath, confirmIN’ a bullish long-term structure.
The old resistance band between $105,000 and $109,300 now flips into first demand; any orderly retest that wicks into that zone would likely attract sidelined buyers. Below it, $103,600 – the mid-range support that capped drawdowns all spring – remains the line in the sand for the current trend.
Upside projections derive from the height of the year-long range (~$15 k). Addin’ that measure to the breakout point targets $124-125 k as the next logical objective, with the psychological $120 k round number a potential interim stall area. Momentum oscillators on medium time-frames are stretched but not at extreme levels, suggestin’ room for continuation before a coolin’ period becomes necessary.
Read More
- Brody Jenner Denies Getting Money From Kardashian Family
- I Know What You Did Last Summer Trailer: Jennifer Love Hewitt Faces the Fisherman
- New God Of War Spin-Off Game Still A Long Way Off, According To Insiders
- Bitcoin Price Climbs Back to $100K: Is This Just the Beginning?
- All Elemental Progenitors in Warframe
- What Happened to Kyle Pitts? NFL Injury Update
- Anupama Parameswaran breaks silence on 4-year hiatus from Malayalam cinema: ‘People have trolled me saying that I can’t act’
- Superman’s James Gunn Confirms Batman’s Debut DCU Project
- Justin Bieber ‘Anger Issues’ Confession Explained
- Move Over Sydney Sweeney: Ozzy Osbourne’s DNA Is in Limited-Edition Iced Tea Cans
2025-07-13 11:47