<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

Table of Contents

Coingape News Media

Other articles published on May 13, 2024

Ripple CEO Warns of US Government Targeting Tether, Potential Impact

dYdX CEO Antonio Juliano resigns, prompts company transition

Taking a closer look at BNB’s stable performance in a rocky week

Solana’s SEALANA Meme Coin ICO Races Past $500,000

Parity Wallet Hacker Moves $9 Million in Ethereum, Leaving $246 Million in Limbo

Metaplanet Integrates Bitcoin Amid Japan’s Debt Crisis

Join our free newsletter for daily crypto updates!