According to Odaily, CryptoQuant has identified the ultimate support level for Bitcoin at $56,000. A fall below this level could potentially trigger a significant pullback. The analysis was published on platform X. The support level is a critical point in the trading of Bitcoin, as it represents a price level where there is a strong buying interest, preventing the price from falling further. If the price of Bitcoin falls below this level, it could lead to a significant sell-off as investors may start to panic and sell their holdings. This could potentially lead to a sharp decline in the price of Bitcoin. However, it is important to note that this is just a prediction and the actual outcome may vary based on various factors including market conditions and investor sentiment.