BTC Plummets as Market Sentiment Turns Negative

In the past few months, the value of Bitcoin has been bullish. However, the ongoing direction bias seems negative as BTC plummets momentarily downward. Moreover, as per Arkham Intelligence, a renowned crypto investor, Andrew Kang, has recently chosen to sell off a huge amount of BTC from his assets.

The market’s outlook is bearish, as more short positions have been taken against BTC in the past few days. Along with the market’s bearish sentiment, the miners’ revenue in the past few days has also dropped significantly. This is due to the ongoing hardship faced by the miners from regulators and environmentalists.

Key BTC Levels To Watch – April 23

The previous market trend was bearish. This bearish trend began in November 2022 following the price’s rejection at the $15460.0 level. The first phase of the uptrend ended as the price got rebuffed at the previous $25289.0 resistance.

From the previous resistance of $25289.0, BTCUSD dived downward to execute buy orders below the $20370.0 price level. According to the Moving Average, the market’s direction is now bearish. The price of Bitcoin is likely to continue heading into the discount zone.

Bitcoin Key Levels

Resistance Levels: $31050.0, $32933.0, $37401.0
Support Levels: $25289.0, $19569.0, $15460.0

Total Market Capitalization: $1.16T
Bitcoin Market Capitalization: $531.17B
Bitcoin Volume: $12.89B
Market Rank: #1

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