Bitcoin's price has fallen below $56,000 due to a lack of demand growth, according to CryptoQuant's Head of Research. The "Apparent Demand" indicator shows that demand for Bitcoin peaked in April and has since declined. Additionally, the Bitcoin Bull-Bear Market Cycle Indicator shows that the market has transitioned from a bull to bear signal, resulting in a 6% drawdown for Bitcoin. The cryptocurrency is now approaching a key support level at $55,500.



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