Bitcoin Trading Above $101,000 Amid Healthy Consolidation Signals

Bitcoin (BTC) has rebounded from a weekend low of $98,000 and is currently trading above $101,000. Concerns about a potential double top exist, but on-chain data shows no significant warning signs.

Bitcoin Undergoing Healthy Consolidation

Despite bearish market sentiment, BTC remains in a consolidation phase.
The 30-day moving average of Binary Coin Days Destroyed (CDD) indicates long-term holders are retaining their BTC.
A lower CDD value suggests strong holding behavior among investors.
The current CDD peak of around 0.6 indicates the market is not overheating.
Historical patterns suggest that BTC may experience a "staircase-like movement," with consolidation periods followed by upward price movements.
Low volatility could signal an upcoming major increase for Bitcoin.

Are BTC Bears In Trouble?

Increasing short positions in the $100,000–$110,000 range heighten the possibility of a short squeeze, potentially driving BTC to new all-time highs.
Short-term holders are selling during price dips, reflecting some lack of confidence in sustaining upward momentum.
As of now, BTC trades at $101,954, up 1.1% over the past 24 hours.