Bitcoin price consolidating around the $94,500 level and on-chain metrics signals concerning signs for the crypto market. Bitcoin network activity has hit a two-month low showing the dwindling investor interest in the world’s largest crypto asset class. Market analysts believe that BTC price risks crashing all the way to $70K if it loses the crucial support of $92,000.
Macro factors have also contributed majorly to the selling pressure with US jobs data showing stronger-than-expected numbers recently. This has further delayed the possibility of the first Fed rate cuts to June 2025, from the previously expected March cuts. Moving ahead this week, the US CPI inflation and PPI data will be key indicators to watch.
Bitcoin Network Activity Hits Lowest Since November
The Bitcoin network has experienced a significant drop in activity marking the lowest level since November 2024. Also, the total number of active BTC addresses has dropped to just 667,100. Crypto analyst Ali Martinez stated t
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