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The price of Bitcoin has started a fresh decline, slipping 7% in the past 24 hours after failing to settle above the $65k level. The current price sits well below the floor of the ascending channel and the 100 hourly simple moving average. BTC's extended decline seems to have negatively affected the broader crypto market too, as the other top cryptocurrencies by market cap are mostly seeing red. On-chain metrics also point toward a transition in market structure from smart money accumulation to a moderate distribution. In tracking the lifespan of BTC through the coin-days destroyed (CDD) metric, it became clear that older coins are entering a distribution phase, indicating that long-term holders are exiting their positions. Usually, the market will be able to absorb this distribution, but if the numbers get too large, an inflection point will likely appear.
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