The Bitcoin market cycle indicator has once again entered a bear phase, signaling caution for investors. From a valuation standpoint, if Bitcoin’s price falls below $56,000, the risk of a larger correction could increase significantly. #Bitcoin market cycle indicator is again in BEAR phase (light blue area). From a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase. pic.twitter.com/dsOS9ZSoHZ — Julio Moreno (@jjcmoreno) August 30, 2024 However, some major players seem to be taking advantage of the recent dip. On-chain data from Santiment reveals a substantial 40,000 BTC drop in exchange supply over
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