Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K

Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K


Cooler heads are calling for a collective deep breath and a step back to see the long-term outlook for the future of Bitcoin (BTC) price and the wider crypto market, but today’s drop back under $56,000 is raising eyebrows among traders.

Data from Cointelegraph Markets Pro and TradingView shows that after starting the week near $60,000, several days of bears hammering the price of Bitcoin resulted in a revisit to $55,600.

BTC/USDT 1-day chart. Source: TradingView

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Here’s what analysts have to say about the latest price action from Bitcoin and what to look out for in the days ahead.

Keep an eye on the monthly close

A closer look at the monthly price action for Bitcoin was discussed by independent market analyst ‘Rekt Capital’, who posted the following chart

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