Bitcoin is retreating again, and analysts are looking to technical indicators to predict its next move. CoinGlass reports that a key support level is at $56,800. If the price bounces, an upside is possible, but a weak rebound could lead to further declines 📉.

In the last 24 hours, $156 million has been liquidated, mostly on long BTC positions. A drop to “hot” levels could trigger a cascade of liquidations and a rapid decline in prices.

A CrypNuevo analyst predicts a drop to $53,400 based on previous experience. Meanwhile, the altcoin market cap has fallen 60% from its peak, but every time it has tested a long-term ascending trendline, there has been a significant bounce.

Today, most altcoins such as Solana, Toncoin, and Dogecoin are losing more than 7%, tracking Bitcoin lower.