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Bitcoin Holds Strong Despite LTH Selling: 30-Day CDD Signals Market Resilience

$BTC is at a critical juncture, trading at $117,497 after hitting an all-time high of $124,000. Despite a pullback, bulls are defending key support levels near the 50-day SMA (~$117,337) and 100-day SMA (~$115,366). The market is showing indecision, with resistance at $123K–$124K proving tough to crack. A breakout could target $130K+, while a drop below $115K might invite bearish pressure.

On-chain data reveals a key shift: the 30-day Coin Days Destroyed (CDD) surged to a cycle high of 1.35M in late July, signaling heavy long-term holder (LTH) selling. Yet, the market absorbed this pressure without breaking support. Since then, CDD has dropped significantly, suggesting reduced selling and renewed accumulation.

This decline in CDD is bullish—it shows strong demand is supporting BTC near its highs. If this trend holds, Bitcoin could be gearing up for another leg higher. Momentum indicators point to consolidation, not distribution, highlighting the market’s resilience.

📊 Key Levels:

• Support: $117,337 (50-day SMA), $115,366 (100-day SMA)

• Resistance: $123,217–$124,000

• Bullish Target: $130,000+

• Bearish Risk: Below $115,000

The coming sessions will be crucial. Are we consolidating for a breakout, or is a deeper pullback looming?