Bitcoin Has Next Major Demand Zone At $56,000: Brace For Impact?
Summary
Bitcoin's on-chain data suggests a potential support zone at $56,000, with a significant number of investors acquiring BTC in the $63,000 to $64,890 range. If BTC continues to decline, the $55,200 to $57,100 range could be the next relevant support level. Additionally, the average cost basis of short-term holders is around $58,800, historically significant during bull runs. BTC is currently trading around $62,100, having experienced a 7% decline in the past 24 hours.
