Technical analysis by Patternsmart about Symbol BTC: Sell recommendation (3/10/2023)

BTCUSDOn March 9, 2023, Bitcoin underwent a significant downturn, resulting in a substantial drop in its price to a low of 20210. The downtrend has continued. At the time of writing on March 10, Bitcoin is trading at 19947, falling below $20,000 for the first time since mid-January.Market volatility has been on the rise due to regulatory uncertainty. Recent legal actions against major crypto exchange KuCoin by the New York Attorney General and enforcement measures against Paxos and Binance have added to the turbulence. The liquidation of Silvergate bank has further complicated matters by creating potential liquidity issues across the entire industry. As a result, investors are exercising caution, waiting for signs of stabilization and transparency in the regulatory environment.As shown in the chart, it's already in down trend from last week, this direction may continue for a short period of time.