Yann & Jan, the co-founders of on-chain metrics provider Glassnode, have noted that the recent Bitcoin price drop was triggered by new entrants in the market.
Market analyst Michael van de Poppe believes that Bitcoin will have to flip the $56.5K resistance level to support if the cryptocurrency wishes to retest $60,000.
After Bitcoin (BTC) hit the latest all-time high of $64,895 on April 16, it has been showing a downward trend, expanding its decline to its lowest level since March at $48,338.