Bitcoin (BTC) Markets Under Pressure as BTC Struggles to Reclaim $96,000

Sentiment remains weak amid recent hacks and ETF outflows. Notable Statistics: Notable Developments: Top Losers: Trader Notes: With Bitcoin prices dropping, crypto trader Johnny warns that Bitcoin is entering a critical area, calling it a “bounce or die” moment.

Crypto markets are experiencing a downturn on Monday, with Bitcoin (CRYPTO: BTC) struggling to regain the $96,000 level. The broader crypto market is also feeling the heat, with total volume slipping below $200 billion over the past 24 hours.

Sentiment remains pessimistic amid news of recent crypto exchange hacks and outflows from crypto exchange-traded funds (ETFs).

Top Losers:

Chart: Trading View

Crypto Trader Notes:

Bitcoin prices are dropping, and crypto trader Johnny warns that we are approaching a critical moment, where BTC is faced with a “bounce or die” scenario.

$BTC coming into a critical area here

Bounce or die pic.twitter.com/c5lwL5buzI

Johnny Crypto (@Johnny__Crypto) April 23, 2023

Bitcoin is experiencing a decline, and as noted by Miles Deutscher, peaks in the Dollar Index (DXY) have historically preceded BTC rallies. Could this be another pivotal turning point?

Crypto trader sees Bitcoin holding key support, suggesting that a reclaim of the blue range—perhaps following a dip to $94,327—could open up a path toward $97,000-$98,000.

$BTCHanging on for dear life here.

But if we can reclaim the blue range (perhaps after tagging 94327) we have a shot at upside into 97, 98k pic.twitter.com/CtG4kQ9ZAQ

Miles Deutscher (@milesdeutscher) April 23, 2023

Julio Moreno highlights a concerning development, noting that Bitcoin demand has turned negative for the first time since last September, heightening the risk of further correction.

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