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