According to BlockBeats, on June 23, CryptoQuant analyst Avocado_onchain stated, 'Bitcoin's price recently dropped significantly to $98,000, but has since rebounded to over $100,000. Although concerns about a 'double top' formation are spreading and sentiment is gradually turning bearish, as previously mentioned, on-chain data has not shown any obvious warning signals.
Overall, Bitcoin currently seems to be in a quiet consolidation phase, building up strength. From the 30-day moving average of Binary CDD, long-term holders still choose to hold rather than sell.
In previous analyses, I pointed out that when the Binary CDD 30-day moving average exceeds 0.8, it often indicates that a correction phase is imminent. However, this time, the indicator peaked around 0.6 and began to decline, suggesting that the market has not yet shown signs of overheating. Although the data performance of each cycle is not entirely consistent, the moderate trend this time, which did not exceed 0.8, may still indicate that the market is entering a consolidation phase, with further price or time corrections potentially on the horizon.
Importantly, this does not signify the end of the bull market cycle. On the contrary, similar to the previous two phases, it is highly likely that we will see a 'stair-step' market, with a new round of increases following the consolidation. Historical experience indicates that explosive increases in Bitcoin often occur when market attention wanes and sentiment is subdued, so the current silence may be the prelude to the next major market movement.
