Yonsei_dent

<Is short-term retracement due to profit taking?>

Binary CDD is an indicator that displays all or none based on whether Supply-Adjusted CDD is greater or less than the average value. (Green box🟩) An increase in Binary CDD means that BTC that has been stored for a relatively long time has been spent or a large supply has been spent. During the surprise rally in December that broke the $40k resistance zone, Binary CDD also appeared actively. After reaching a high of $44.7k, the price returned to the $41k level. Considering that most of the supply was located in the profit zone, it is believed that the price fell as investors sold to realize profits. Which cohort among HODLers, Long-term Holders, and Short-term Holders realized profits? Let’s check this through Spent Output Age Bands from 1M to 18M. ** (The highlighted section refers to the point where more than 5,000 BTC was spent) ⚠️ In the case of the 0d~1M and 18M~ cohorts, the scale of expenditure was not large, so they were not shown on the chart. ☑️In the section that exceeded $40k and formed a local high (black box⬛), you can see that a large amount of BTC was consumed, led by the 1M~3M cohort🔴. ☑️A large amount of Binary CDD signals appear in this section⬛, and it can be seen that old coins were also consumed for profit realization (or exit). ☑️From 11/29 to 12/4, consumption of 1M~6M🔴🟡 was prominent, but Binary CDD did not respond significantly, indicating that profit realization of STH was mainly seen. ☑️As prices fell after December 10, the overall consumption trend increased again. Until it surpasses $40k, most investors appear to be holding BTC in anticipation of the price rising further. However, when it broke the psychological resistance of $40k, STH and the 6M~18M cohort showed a move to realize profits. In other words, resistance appears to be occurring due to the movement of investors who expect prices to rise further and those who want to realize profits at the current level.