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Analyst: BTC may enter Bear Market again if it falls below $56,000.
Golden Finance reported that the research director of CryptoQuant recently shared a detailed BTC chart on X, emphasizing a concerning trend: the BTC market cycle indicator has once again entered the Bear Market phase. This indicator is crucial for traders and investors as it defines the overall strength and direction of the market and provides insights into potential price action based on historical price action. According to the analysis, $56,000 is a key support level that the price must maintain to avoid a deeper and more destructive pullback. If BTC fails to hold the $56,000 level, the possibility of a larger decline will become greater. This potential drop will further intensify investor anxiety, as these investors have been struggling to cope with the recent turbulent price movement in the past few weeks.