[Analyst: BTC may enter the bear market again if it falls below $56,000] Golden Finance reported that the head of research at CryptoQuant recently shared a detailed Bitcoin chart on X, highlighting a worrying trend: the BTC market cycle indicator has entered the bear market again. This indicator is crucial for traders and investors because it defines the overall strength and direction of the market and provides insights into potential price movements based on historical price movements. According to analysis, $56,000 is a key support level and prices must maintain this level to avoid a deeper and more destructive pullback. If Bitcoin fails to hold the $56,000 level, the likelihood of a larger decline will increase. This potential decline will further exacerbate the nervousness of investors who are already struggling to cope with the turbulent price movements in recent weeks.
