Impact of a Potential Drop Below $56K on Bitcoin’s Bearish Territory

IconCryptoNewsTerminal Staff30 Aug, 2024

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Impact of a Potential Drop Below $56K on Bitcoin’s Bearish Territory

CryptoQuant senior analyst Julio Moreno has reported the re-entry of Bitcoin Market Cycle Indicator into the light blue BEAR market area marked by X. Moreno highlights the concern that a move below the $56,000 mark could lead to a deeper correction. Currently, BTC is trading at $58,103.95, indicating a 4.47% drop according to CoinMarketCap. ```