Bitcoin active addresses fall to a 7+ year low as the 60-day MA nears 600,000

Bitcoin network usage has weakened, with the 60-day moving average of active addresses sitting just above 600,000 as of June 4. The long-running decline since the end of the 2021 bull market has coincided with renewed selling pressure, while BTC was down more than 26% year-to-date and traded around $63,950 at the time of reporting.