{"id":523538,"date":"2023-03-17T20:00:04","date_gmt":"2023-03-17T20:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=523538"},"modified":"2024-06-11T08:02:54","modified_gmt":"2024-06-11T08:02:54","slug":"bitcoin-binary-cdd-breakout-kicked-off-bull-rallies","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-binary-cdd-breakout-kicked-off-bull-rallies\/","title":{"rendered":"Bitcoin Binary CDD Approaches Breakout That Historically Kicked Off Bull Rallies"},"content":{"rendered":"

On-chain data shows the Bitcoin binary CDD is currently nearing a breakout that has marked the start of bull rallies in the past.<\/p>\n

Bitcoin Binary CDD Has Been Trending Up Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the binary CDD is currently inside the “accumulation zone.” To understand what the “binary CDD<\/a>” indicator does, the concept of “coin days” needs to be looked at first.<\/p>\n

A coin day is a quantity that 1 BTC accumulates after sitting dormant for 1 day on the blockchain. This means that, for instance, if a stack of 3 coins sits still for 3 days, it will have amassed 9 coin days in total.<\/p>\n

Now, when the coins that have accumulated some amount of coin days are eventually moved across wallets, their coin days counter naturally resets back to zero, and these coin days that they had previously accumulated are said to be “destroyed.”<\/p>\n

The “Coin Days Destroyed<\/a>” (CDD) is a metric that keeps track of such coin days being reset across the entire BTC network. When this indicator has an elevated value, it means a large number of dormant coins are possibly moving on the network right now.<\/p>\n

A cohort called the long-term holder<\/a> (LTH) group holds onto their coins for long periods of time (thus amassing a large number of coin days), so when the CDD is high, it implies these investors are on the move.<\/p>\n

As mentioned before, the relevant version of the CDD here is the binary CDD, which is a metric that basically tells us whether the current value of CDD is higher than the average or not.<\/p>\n

Here is a chart that shows the trend in this 182-day moving average (MA) of this Bitcoin indicator over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the 182-day MA value of the metric has seen some slight rise in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the quant has highlighted the trend that the 182-day MA Bitcoin binary CDD followed just before two previous rallies. It seems like both before the April 2019 rally and the bull run in the first half, the metric broke out of the “accumulation zone.”<\/p>\n
Related Reading: Bitcoin Coinbase Premium Declines, But Still At Green Values, Bullish Signal?<\/a><\/div>\n
This zone, which occurs below a value of 0.3, is named so because values of this kind suggest the LTHs aren’t showing much selling\/moving activity right now and are thus accumulating the cryptocurrency.<\/p>\n
This kind of trend is commonly seen during bearish trends, as the chart shows. In bull runs, however, the metric approaches a value of 1, meaning that these LTHs start selling more aggressively.<\/p>\n
Interestingly, while this pattern formed in the aforementioned rallies, the second wave of the 2021 bull run didn’t see observe significant breakouts in the indicator.<\/p>\n
Related Reading: Bitcoin Leverage Ratio Plunges, Here\u2019s What This Means<\/a><\/div>\n
Recently, the metric has seen some rise again and is approaching the 0.30 line after being in the accumulation zone for 529 days. From the chart, it’s visible that previous attempts during this bear market ended up in a rejection of the metric.<\/p>\n
If the breakout is successful this time, however, then this Bitcoin rally could see a big boost, if the previous instances of this trend are anything to go by.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,900, up 36% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC seems to have shot up in the last couple of days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Traxer on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin binary CDD is currently nearing a breakout that has marked the start of bull rallies in the past. Bitcoin Binary CDD Has Been Trending Up Recently As pointed out by an analyst in a CryptoQuant post, the binary CDD is currently inside the “accumulation zone.” To understand what the “binary CDD” indicator does, the concept of “coin days” needs to be looked at first. A coin day is a quantity that 1 BTC accumulates after sitting dormant for 1 day on the blockchain. This means that, for instance, if a stack of 3 coins sits still for 3 days, it will have amassed 9 coin days in total. Now, when the coins that have accumulated some amount of coin days are eventually moved across wallets, their coin days counter naturally resets back to zero, and these coin days that they had previously accumulated are said to be “destroyed.” The “Coin Days Destroyed” (CDD) is a metric that keeps track of such coin days being reset across the entire BTC network. When this indicator has an elevated value, it means a large number of dormant coins are possibly moving on the network right now. A cohort called the long-term holder (LTH) group holds onto their coins for long periods of time (thus amassing a large number of coin days), so when the CDD is high, it implies these investors are on the move. As mentioned before, the relevant version of the CDD here is the binary CDD, which is a metric that basically tells us whether the current value of CDD is higher than the average or not. Here is a chart that shows the trend in this 182-day moving average (MA) of this Bitcoin indicator over the last few years: Looks like the 182-day MA value of the metric has seen some slight rise in recent days | Source: CryptoQuant As you can see in the above graph, the quant has highlighted the trend that the 182-day MA Bitcoin binary CDD followed just before two previous rallies. It seems like both before the April 2019 rally and the bull run in the first half, the metric broke out of the “accumulation zone.” Related Reading: Bitcoin Coinbase Premium Declines, But Still At Green Values, Bullish Signal? This zone, which occurs below a value of 0.3, is named so because values of this kind suggest the LTHs aren’t showing much selling\/moving activity right now and are thus accumulating the cryptocurrency. This kind of trend is commonly seen during bearish trends, as the chart shows. In bull runs, however, the metric approaches a value of 1, meaning that these LTHs start selling more aggressively. Interestingly, while this pattern formed in the aforementioned rallies, the second wave of the 2021 bull run didn’t see observe significant breakouts in the indicator. Related Reading: Bitcoin Leverage Ratio Plunges, Here\u2019s What This Means Recently, the metric has seen some rise again and is approaching the 0.30 line after being in the accumulation zone for 529 days. From the chart, it’s visible that previous attempts during this bear market ended up in a rejection of the metric. If the breakout is successful this time, however, then this Bitcoin rally could see a big boost, if the previous instances of this trend are anything to go by. BTC Price At the time of writing, Bitcoin is trading around $26,900, up 36% in the last week. BTC seems to have shot up in the last couple of days | Source: BTCUSD on TradingView Featured image from Traxer on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":523564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87426,6481,1119,1144],"class_list":["post-523538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-binary-cdd","tag-bitcoin-rally","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Binary CDD Approaches Breakout That Historically Kicked Off Bull Rallies<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin binary CDD is currently nearing a breakout that has marked the start of bull rallies in the past. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Binary CDD Approaches Breakout That Historically Kicked Off Bull Rallies","url":"http:\/\/wncen.com\/news\/bitcoin-binary-cdd-breakout-kicked-off-bull-rallies\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-binary-cdd-breakout-kicked-off-bull-rallies\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/traxer-Y2P9q_IQlSU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/traxer-Y2P9q_IQlSU-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin binary cdd","bitcoin rally","btc","btcusd"],"dateCreated":"2023-03-17T20:00:04Z","datePublished":"2023-03-17T20:00:04Z","dateModified":"2024-06-11T08:02:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Binary CDD Approaches Breakout That Historically Kicked Off Bull Rallies\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-binary-cdd-breakout-kicked-off-bull-rallies\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-binary-cdd-breakout-kicked-off-bull-rallies\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/traxer-Y2P9q_IQlSU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/traxer-Y2P9q_IQlSU-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin binary cdd\",\"bitcoin rally\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-17T20:00:04Z\",\"datePublished\":\"2023-03-17T20:00:04Z\",\"dateModified\":\"2024-06-11T08:02:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/traxer-Y2P9q_IQlSU-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/523538"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=523538"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/523538\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/523564"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=523538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=523538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=523538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}