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Bitcoin Network Activity Drops, BTC Price Risks Falling to $70K

Bitcoin Network Activity Drops, BTC Price Risks Falling to $70K

On chain metrics are raising eyebrows concerning the crypto market as Bitcoin is currently consolidating around a $94,500 mark. The network activity of Bitcoin has set a new two month low

Which implies that the interest from the investors have reduced drastically. Market analysts seem to believe that if Bitcoin does not maintain the crucial support of $92,000, then its price could drop as low as $70,000.

Bitcoin Network Activity Drops, BTC Price Risks Falling to $70K
HONG KONG, HONG KONG – JUNE 11: As a visual representation of the digital Cryptocurrency, Bitcoin, on June 11, 2018 in Hong Kong, Hong Kong. (Photo by S3studio/Getty Images)

US macro factors have also significantly contributed towards selling pressure and gain on Bitcoin.

The recent job data from US has revealed a stronger than expected number causing the cut wishing from the Feds to be pushed back from March to June 2025. This week everyone seems to look closely on the US CPI as well as PPI.

Over the last couple of years, the Bitcoin Network has experienced the lowest shares of monthly active users, with active BTC addresses slowly declining to 667,100. According to crypto expert Ali Martinez, this decline infers a decreasing engagement with the network and price prospects of BTC.

Some investors dread the prospects of BTC possibly falling below 90,000 with another 10-20% corrective move. On-chain Bitcoin indicators seem to suggest a decline otherwise taking

Everyone by surprise during the expected bull run on 2025. After all, the 7th day moving average of the short term holders’ SOPR is now below the mark of 1 which means short-term holders are typically voted discouraged.

Bitcoin Shows Weak Network Activity Trends

On the brighter side, Martinez indeed pinpointed a rigid resistance zone for BTC to be situated between $97,000 to $99,500 since within this range he indicates where approximately 1.26 million BTC was previously accumulated. This may be the pivotal point after which BTC’s price hopes on increasing significantly higher.

Bitcoin Price Analysis and Projections

Crypto analyst Benjamin Cowen recently talked about the Bitcoin bull market support band which is quite popular and for which the Bullader Fund’s BTC prices normally correct by 30 % for January month in post halving years of finishing quarter.

As Bitcoin builds up around $94,000, so does the bull market support band. Currently, he estimates the 20 week band to be over $81K and the 21 week EMA just over $84k. Historically, Bitcoin’s lowest point in January has been a little above $90k.

While Cowen compared it with January 2024, he guessed that BTC has the potential to consolidate for a few where the price would then rebound sharply. He also, however, pointed out that major drops are possible before Bitcoin runs back to higher levels.

Another analyst, Crypto Patel, drew attention to the need for Bitcoin to remain on the sensitive support level of $92K. If this mark breaks Bitcoin might find itself correcting down to 70k -75k

Bitcoin Price Analysis and Projections

Before potentially recovering to 150k -160k. In additional comments, crypto influencer Jeremie Davinci appears to be on the more optimistic case of the ‘Go Big or Go Home’ mantra predicting BTC will still reach $350,000 during the bull run.

Currently, Bitcoin stands at $94,178 which marks a 0.34% decrease with a market cap of $1.864 trillion. Coinglass data shows open interest at a touch over $60 billion, with 24 hour liquidation just under 50 million.

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