Bitcoin Likely To Fall To $60,000 As Active Addresses Decline, Signaling On-Chain Market Activity Cooling

The Bitcoin (BTC) cryptocurrency once again appears to be losing momentum, attracting the attention of crypto users and market observers. Today, market analyst CryptoQuant shared insights on the current status of Bitcoin, noting the market appears to have entered a corrective mode, signaling a cooling trend. The analyst shared on the X social media that Bitcoin is cooling internally, driven by a decrease in active addresses.

Active addresses refer to unique wallets that participate in obtaining or sending BTC within a specific timeframe. A fall in active addresses typically indicates a lower transaction volume and potential pause in investor activity.

Bitcoin Active Addresses Drop To A Low Of 655,908

Bitcoin’s network activity has experienced a massive decline, as per the data released today by analyst CryptoQuant. The number of active addresses has declined by 30% from 938,609 Bitcoin wallets noted in August 2025 to the current 655,908 Bitcoin wallets seen as of today, March 27, this year.

This decline in active wallet addresses indicates that fewer customers are currently participating in transactions on the Bitcoin network, suggesting decreased market engagement and increased uncertainty among active investors, especially whales.

Today, Bitcoin trades at $67,673 following a 3.4% decline noted over the past 24 hours.  Its price has also been down 4.7% and 5.5% over the past seven days and two weeks, respectively.

The analyst’s revelation shows that the catalyst behind Bitcoin’s recent price decline is the significant drop in active addresses, a trend that often brings a consolidation phase, indicating a lack of user interest or investors experiencing market uncertainty due to ongoing macroeconomic concerns fueled by the US-Iran conflict. 

Why Bitcoin Correction Could Heighten

The decrease in active addresses noted above points out that Bitcoin network activity is cooling, an indicator that its price movement might not rise as some participants anticipate. This is not a structural collapse, but rather a cooling phase of the Bitcoin network activity after recent price rises. The CryptoQuant analyst highlighted that a mere price rise is unlikely to increase on-chain activity without support from other bullish factors.

Bitcoin price is currently trading at $67,000, a fall from a high of $75,988 reached last week on March 17. The asset is currently trading in an ascending parallel channel, a pattern that often signals a continuation of a consolidation phase. The pattern signals that the Bitcoin price is likely to drop to the $60,000 level soon due to persistent selling by institutional and whales.