Bitcoin Under Bear Control Again: Below This Price Will Bring More Falls!

Julio Moreno, an official of the on-chain data and analytics platform CryptoQuant, evaluated the current status of Bitcoin (BTC).

In his X post dated August 31, Julio Moreno stated that Bitcoin has entered the control of bears again. Drawing attention to the bear dominance seen after a long time in the chart he shared, Moreno warned that more serious declines could occur if the price closes below $ 56,000.

The Bitcoin market cycle indicator is in the BEAR phase again (light blue area).

From a valuation perspective, if the price breaks $ 56,000 downwards, the risk of a larger correction will increase.

According to CoinGecko data, Bitcoin, which has increased by 24% in the last 24 hours, is traded in dollars at the time of writing.