Bitcoin (BTC) price has dropped 5.42% over the last 24 hours, hitting a new multi-week low at $57,151. On-chain data suggests that a slowdown in Bitcoin demand growth and increased open short positions may be responsible for the latest drawdown. CryptoQuant reports that demand from permanent holders fell by 50% in April, and demand from whales has also been declining since late March. Furthermore, the daily purchase of Bitcoin from ETFs has plummeted to virtually zero. Analysts predict that the Bitcoin price could fall further, with potential targets set within the $55,000 to $57,000 demand zone.