Bitcoin Had Previously Dropped to 6 Thousand Dollars: Now That Signal has Lit Up Again! - Coin Bulletin

There has been a significant increase in old Bitcoins transferred to exchanges; in the past, BTC price had declined by 6 thousand dollars following this signal.

On-chain data platform CryptoQuant has signaled a noticeable movement in the Bitcoin (BTC) market. According to Exchange Inflow CDD data, there has been a big jump in the sending of BTC to exchanges that have not been moved for a long time. Such moves have been the forerunners of major sell-offs in the past.

CDD (Coin Days Destroyed) is an indicator that measures when and how much of the coins that have not been moved for a long time are spent. A sudden rise in this metric usually indicates that long-term investors – that is, those who have held their coins for years – are taking action. According to CryptoQuant data, the most recent example of this movement occurred when Bitcoin was priced at 82 thousand dollars. In the previous similar CDD spike, the BTC price was pulled down by 6 thousand dollars from 82 thousand to 76 thousand dollars.

The repetition of history causes concern

The transfer of BTC by long-term investors to exchanges may indicate potential selling pressure. According to CryptoQuant analysts, such movements occur close to market peaks and often create downward pressure on prices due to profit-taking.