The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week — its lowest in nearly two months. While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price. $56,000 The Ultimate Support Level For Bitcoin: CryptoQuant In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency. Related Reading: Ethereum’s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In The relevant indicator here is Metcalfe price valuation bands, which pinpointed resistance levels and tops in the previous cycle. However, as shown in the chart belo ..
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