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Bitcoin Today 1/13/2025: Loss of strength could take BTC back to $70,000
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After approaching US$96,000, Bitcoin (BTC) didn’t have the strength to continue rising and registered a strong correction again. With drop of 2.7% this Monday (13), the cryptocurrency now struggles to stay above $90,000 and avoid further losses.
In the accumulated result for the week, BTC registered a drop of 3% and deepened January losses to 6.38%. It is the first time that BTC has registered a devaluation at the beginning of the year since 2022.
As for the rest of the Top 10, Cardano (ADA) led the day’s losses by plummeting 7.6%, followed by Dogecoin (DOGE) with a drop of 5%. In third place was the Ethereum (ETH), whose devaluation reached 4.4% and caused the cryptocurrency to fall to $3,100.
If the BTC correction continues, network data shows the lowest level of activity in the last two months. As a result, analysts estimate that the cryptocurrency could enter a new correction phase and reach the level of US$70,000.
Drop in Bitcoin activity
It’s not just BTC that has experienced a sharp correction in recent days, as the Bitcoin network has also seen a significant drop in activity. This drop in the level of activity is reflected in the number of active addresses on the networkwhich reached its lowest level since November 2024.
According to analyst Ali Martinez, the total number of active BTC addresses dropped to just 667,100compared to more than 960 thousand in November. Martinez stated that the decline shows that there is less network engagement, leaving investors worried about the possible implications for the price of BTC.
Based on lower engagement, BTC could fall further and reach miss $90,000 support. In other words, a correction that can vary between 10% and 20% based on the current price. Furthermore, with Bitcoin’s on-chain indicators showing weakness, there is a greater possibility of a correction ahead of this cycle’s anticipated bullish rally.
Another important indicator is the SOPR (Spent Output Profit Ratio), which measures short-term holder sales. Data from CryptoQuant shows that this indicator fell below 1, signaling that, on average, short-term holders are selling your BTC at a loss.
On the positive side, Martinez highlighted a critical resistance zone for BTC anywhere between $97,000 and $99,500. In this range, approximately 1.26 million addresses previously accumulated 1.22 million BTC, and any breakout above this level could see BTC resume the uptrend.
The drop in the number of active Bitcoin addresses is normal and occurs at times when the price continues to fall or in a lateralization lane. On the other hand, drops in January usually precede large upward movements, especially in halving cycles.
Bitcoin Today 1/13/2025: Loss of strength could take BTC back to $70,000
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Bitcoin Today 1/13/2025: Loss of strength could take BTC back to $70,000
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Bitcoin Today 1/13/2025: Loss of strength could take BTC back to $70,000