A drop to $56,000?

CryptoQuant research director Julio Moreno says the $56,000 level remains a key area. If the price breaks below that level, the analyst sees further weakness. According to Moreno, Bitcoin’s market cycle indicator has signaled a bearish reversal, posing a risk of a deeper correction if BTC breaks below the demand zone.

“From a valuation perspective, if the price breaks below $56,000, the risk of a larger correction increases,” the CryptoQuant analyst said.

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