- 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 different from the 2021 bull market. In May 2021, the network averaged about 1.12 million active addresses per day, while nearly 489,000 new wallets were created daily.
Currently, those figures have dropped to roughly 624,000 active addresses and 278,000 new wallets per day. That marks declines of about 44% and 43%, respectively.
Source: X
Active addresses usually track how many unique participants transact on the network. New wallet growth shows how many fresh addresses interact with Bitcoin for the first time. Both measures now point to lower day-to-day participation than during the last major retail-driven cycle.
However, Santiment noted that lower on-chain activity does not automatically signal a bearish market. Some investors now gain Bitcoin exposure through ETFs and institutional products, which can reduce direct wallet activity.
Related: Thane Man Accused of ₹1.61 Crore Crypto Scam Targeting Seven Investors
Analysts Watch $73K and Lower Supports
Ansem said Bitcoin could move toward $65,000 and then $60,000 if it fails to reclaim the $73,000 area. His chart showed BTC trading below several important retracement levels after losing momentum from its recent highs.
Source: X
The chart structure points to a market that has failed to regain the upper range after a pullback. BTC has moved sideways to lower, while resistance above $73,000 remains the level traders are watching for a stronger recovery signal.
A clear move back above that zone would ease pressure and show renewed buying interest. Nevertheless, continued rejection below $73,000 would keep downside levels in focus, especially if broader market risk weakens.
Santiment also said many long-term holders appear more passive, choosing to store coins rather than transact frequently. That behavior can reduce network activity while keeping supply relatively tight.
Related: Crypto Exploits Fall to $68.3M in May 2026, CertiK Reports
Schiff Flags Weakness Against Nasdaq
Peter Schiff highlighted Bitcoin’s move below $71,000 and compared it with Nasdaq’s strength. He said Bitcoin’s weakness stands out while the Nasdaq trades near record highs.
Schiff also pointed to concerns around Michael Saylor’s Strategy after the recent discussion about Bitcoin sales. He argued that even a small sale can matter psychologically to Bitcoin traders, since Strategy remains one of the most watched corporate holders.
Meanwhile, Bitcoin’s latest setup shows a split market. On one hand, ETF access and long-term holding may explain weaker wallet activity. On the other hand, price has struggled to regain momentum while technical analysts watch lower levels.
The next major signal remains the $73,000 area. A reclaim would improve the short-term structure, while another failure could keep pressure on BTC and bring the $65,000 to $60,000 range back into view.
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