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Bitcoin Price $51970 Drop Looms Without Key Level Reclamation

Bitcoin Price $51970 Drop Looms Without Key Level Reclamation

The price of Bitcoin, the biggest cryptocurrency in the world, is constantly under pressure as it has not been able to break over the resistance level of $64,000. At the time of writing, Bitcoin had a market capitalization of $1.2 trillion and was trading at $60,990.

Bitcoin Is Expecting To Fall Below $52,000

Crypto analyst Ali Martinez presented two different scenarios for the price trajectory of Bitcoin (BTC) in a recent analysis.

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Martinez says that a bullish rise towards $76,610 can occur if BTC can regain $64,290 as a support level. If this critical barrier is not crossed, BTC might return to support at $51,970.

This analysis highlights the critical level of $64,290 for Bitcoin’s short-term price action. One of the biggest periods of consolidation in Bitcoin’s history is currently underway, and considerable volatility is anticipated in the upcoming weeks.

Courtesy: Ali Martinez

Michael van de Poppe, another cryptocurrency market analyst, held similar opinions. According to him, Bitcoin is at a turning point when specific price points will determine its future. Should the figure fail to remain over $60,000, there may be one last decline, maybe down to the $52,000–$55,000 level. However, a breach above $63,000 would indicate a comeback and send Bitcoin toward $70,000 or $72,000.

Activity on-chain at a Historic Low

Recent insights from Santiment data reveal a dramatic fall in Bitcoin’s on-chain activity, with transactions hitting historic lows. Analysis shows that in the two months since Bitcoin peaked, traders have drastically decreased the amount of transactions they make.

On the other hand, according to Santiment, this decline in on-chain activity might not always portend a future drop in Bitcoin’s price. Instead, it indicates increased anxiety and hesitancy among market players.

Courtesy: Santiment

Conversely, those who have owned Bitcoin for a long time have been holding onto their currencies tightly. The Long-Term Holder Spending Binary Indicator has identified a notable change in the behaviour of Bitcoin long-term holders (LTH). Data shows that when Bitcoin jumped above $73,000, LTHs sold about 1.3 million BTC. Nonetheless, recent trends show that LTHs have stopped liquidating their Bitcoin holdings.

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