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

Here’s what analysts have to…

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