Bitcoin Price Weakens as On-Chain Activity Falls From 2021 Peak
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Bitcoin slipped below $71,000 as Santiment reports active addresses are down 44% from May 2021 and new wallet creation has fallen sharply, signaling weaker on-chain activity and adoption despite prices remaining above prior cycle highs. Analysts warn BTC needs to reclaim the $73,000 area or risks sliding toward $65,000 and then $60,000, highlighting a fragile technical setup even as broader markets like the Nasdaq trade near record highs.
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- Bitcoin active addresses are down 44% from May 2021 levels, Santiment said.
- Analyst Ansem said BTC could move toward $65K and then $60K if it fails to reclaim $73K.
- Analyst Peter Schiff said Bitcoin’s weakness stands out while the Nasdaq trades near record highs.
Bitcoin is facing fresh pressure after slipping below $71,000, with analysts pointing to weaker network activity and a fragile technical setup. The move has kept attention on whether BTC can reclaim the $73,000 area or extend losses toward lower support.
Notably, the latest weakness comes as Santiment data shows Bitcoin’s on-chain activity remains far below its 2021 bull market peak. Active addresses and new wallet creation have both fallen sharply, even though Bitcoin still trades above its old cycle highs.
On-Chain Activity Falls From 2021 Peak
Santiment said Bitcoin’s network activity looks …
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