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Bitcoin Faces Risk of Plunging to $70K as Network Activity Declines

Madonna by Madonna
01/24/2025
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Bitcoin’s network activity has seen a sharp decline, with the number of active addresses falling to 667,100, the lowest level since November 2024. This drop in engagement signals weakening investor interest, raising concerns that Bitcoin’s price could experience a significant crash if it fails to maintain crucial support levels.

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Currently, Bitcoin’s price is consolidating around $94,500, but analysts warn that the market’s weakening on-chain metrics could trigger a further price correction. The key level to watch is $92,000, as a failure to hold this support could send the price plummeting to $70,000, according to market experts.

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In addition to network activity trends, macroeconomic factors are contributing to Bitcoin’s selling pressure. Stronger-than-expected U.S. jobs data has led to delays in anticipated Federal Reserve rate cuts, pushing expectations for any rate reductions into June 2025 instead of March. This shift in expectations is weighing on investor sentiment, and upcoming U.S. CPI and PPI inflation data will be crucial in shaping market direction.

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Bitcoin’s network activity has shown a clear slowdown, with the number of active addresses reflecting waning interest. Analysts like Ali Martinez point to this decline as a sign of potential price struggles ahead. Despite this, some believe Bitcoin could still see a reversal, with the price needing to overcome a resistance zone between $97,000 and $99,500.

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Crypto experts also note that Bitcoin’s price historically sees corrections of up to 30% in January during post-halving years. Analyst Benjamin Cowen observes that Bitcoin’s bull market support band, which now stands just above $81,000, could provide crucial support if the price drops further. However, if Bitcoin breaks below the $92,000 mark, it could face a deeper decline to between $70,000 and $75,000 before any potential recovery.

As of the latest data, Bitcoin is trading at $94,178, down 0.34%, with a market capitalization of $1.864 trillion. Analysts continue to monitor on-chain metrics and market movements, with some remaining optimistic about a future rally towards $150,000 or even $350,000 in the long term.

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Madonna

Madonna

Madonna, the esteemed author of our blockchain website, is a recognized authority in the field. With a wealth of experience and expertise, she brings a profound understanding of blockchain technology. Her professional insights and commitment to excellence make her a trusted source for navigating the complexities of the blockchain industry.

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