<p>The world’s largest cryptocurrency Bitcoin continues to trade under pressure as the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> repeatedly failed to break past the resistance levels of $64,000. As of press time, BTC is trading at $60,990 with a market cap of $1.2 trillion.</p>
<h3 id="bitcoin-price-eyes-a-drop-under-52-000">Bitcoin Price Eyes A Drop Under $52,000</h3>
<p>In a recent analysis, crypto analyst Ali Martinez has outlined two distinct scenarios for <a href="https://coingape.com/markets/is-bitcoin-price-to-55k-whales-as-short-term-holders-btc/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s (BTC) price trajectory</a>.</p>
<p>Martinez suggests that if BTC manages to reclaim $64,290 as a support level, it could pave the way for a bullish movement towards $76,610. However, failure to surpass this crucial threshold may result in BTC revisiting support at $51,970.</p>
<p>This analysis underscores the significance of $64,290 as a pivotal level for Bitcoin’s short-term price action. This is one of the largest <a href="https://coingape.com/bitcoin-btc-price-may-soon-breakout-of-the-consolidation-phase-70000-coming/" target="_blank" rel="noopener noreferrer nofollow">consolidation phases for Bitcoin</a> in its history. Thus, one can expect some volatility in the coming weeks.</p>
<figure id="attachment_196576" aria-describedby="caption-attachment-196576" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-196576" src="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-On-chain-data.jpeg" alt="" width="1800" height="1013" srcset="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-On-chain-data.jpeg 1800w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-On-chain-data-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-On-chain-data-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-On-chain-data-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-On-chain-data-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-On-chain-data-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-On-chain-data-150x84.jpeg 150w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-196576" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/ali_charts/status/1789683591288394043" target="_blank">Ali Martinez</a>
 </figcaption>
</figure>
<p>Another crypto market analyst Michael van de Poppe shared similar views. He said that Bitcoin stands at a pivotal level, with its fate hinging on specific price points. Failure to sustain above $60,000 could lead to a final downward movement towards the $52,000 to $55,000 range. However, a breakthrough above $63,000 could signal a resurgence, potentially propelling BTC toward $70,000 to $72,000.</p>
<h3 id="on-chain-activity-at-historic-low">On-chain Activity at Historic Low</h3>
<p>Recent insights from Santiment data indicate a notable decline in Bitcoin’s on-chain activity, with transactions nearing historic lows. Analysis shows that traders have significantly reduced their transactional activity over the past two months following Bitcoin’s all-time high.</p>
<p>This decrease in on-chain activity, however, may not necessarily indicate an impending downturn in Bitcoin’s price. Rather, it serves as a signal of heightened fear and indecision among market participants, reported Santiment.</p>
<figure id="attachment_196578" aria-describedby="caption-attachment-196578" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-196578" src="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-on-chain-activity.jpeg" alt="" width="2523" height="1752" srcset="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-on-chain-activity.jpeg 2523w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-on-chain-activity-300x208.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-on-chain-activity-1224x850.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-on-chain-activity-768x533.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-on-chain-activity-1536x1067.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-on-chain-activity-2048x1422.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-on-chain-activity-150x104.jpeg 150w" sizes="(max-width: 2523px) 100vw, 2523px">
 <figcaption id="caption-attachment-196578" class="wp-caption-text">
  Courtesy: Santiment
 </figcaption>
</figure>
<p>On the other hand, the <a href="https://coingape.com/long-term-holders-not-selling-bitcoin-following-peak-at-73k/" target="_blank" rel="noopener noreferrer nofollow">long-term holders of Bitcoin</a> have been holding their coins firmly. The Long-Term Holder Spending Binary Indicator has revealed a significant shift in behavior among Long-Term Holders (LTH) of Bitcoin. Data indicates that LTHs sold approximately 1.3 million BTC when the price of Bitcoin surged above $73,000. However, current trends suggest that LTHs have ceased selling their BTC holdings.</p>
<p>The post <a href="https://coingape.com/bitcoin-btc-price-drop-to-51970-coming-if-it-fails-to-reclaim-this-level/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Drop to $51,970 Coming If It Fails To Reclaim This Level</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Bitcoin (BTC) Price Drop to $51,970 Coming If It Fails To Reclaim This Level

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