[Analysis] "Bitcoin in a quiet correction phase... Long-term holders continue to hold without selling"

While Bitcoin investor sentiment has turned bearish, long-term holders remain inactive.

On the 23rd (local time), on-chain data analytics firm CryptoQuant stated, "According to the 30-day moving average of the on-chain indicator, Binary CDD, long-term holders are still not selling," and, "In past analyses, when the 30-day moving average of Binary CDD exceeded 0.8, the market generally entered a correction phase, but this time, the indicator peaked around 0.6 and then turned downward."

The 30-day moving average of Binary CDD is an indicator used to observe the activity of long-term holders in the crypto (cryptocurrency) market. A lower value indicates that long-term holders are not moving and continue to hold.

Therefore, this suggests that the market has not yet entered an overheated phase. On-chain analyst Avocado commented, "The fact that the indicator remains below 0.8 suggests that Bitcoin has entered a correction and energy accumulation phase," and added, "During this process, additional price or period corrections could follow."

However, "This should not be interpreted as a signal for the end of the bull market. As seen in the previous two bull runs, there is a possibility of another stair-step rise following corrections and sideways movement," indicating a complex outlook.

Meanwhile, Bitcoin (BTC) plunged to $98,000 (USD) the previous day and, after recovering the $100,000 level today, is currently trading at $101,874.59 as of 17:25 in the Binance Tether (USDT) market.