Analysts: Bitcoin long-term holders still choose to hold rather than sell, and the market may be entering a consolidation phase.

BlockBeats News, on June 23, CryptoQuant analyst Avocadoonchain posted, "The price of Bitcoin has recently fallen sharply to $98,000, but has since rebounded to over $100,000. While fears of a "double top" pattern are spreading and sentiment is gradually turning bearish, the on-chain data has yet to show any clear warning signs. Overall, Bitcoin seems to be still in a quiet consolidation phase and is gathering strength. Looking at Binary CDD's 30-day moving average, long-term holders still choose to hold rather than sell. In my previous analysis, I noted that when the 30-day average of Binary CDD exceeds 0.8, it is often a sign that a correction phase is coming. This time, however, the indicator peaked around 0.6 and started to pull back, suggesting that the market is not showing signs of overheating yet. Although the data performance of each cycle is not exactly consistent, a modest move that does not exceed 0.8 in this round may still indicate that the market is entering a period of consolidation, and there may be a further correction in price or time. Importantly, this does not represent the end of the bull cycle. On the contrary, similar to the previous two phases, we are likely to see a "step-by-step" market again, i.e. a new round of growth after consolidation. Historical experience shows that Bitcoin's explosive rally often occurs when market attention is low and sentiment is flat, so the current silence may be the prelude to the next big market."