Bitcoin accumulation game continues as BTC once again below $42K

Bitcoin price analysis for March 23, 2022, comes on a sluggish note for the world’s first cryptocurrency as BTC remains below the $42K price level which has failed to act as a support. Moreover, the token has been showing very irregular waves of surge and fall. Hence, traders are advised not to trade in such an uncertain market. On the other hand, we noted that BTC went as high as $43K in our BTC price analysis for March 22.

The data from CoinMarketCap shows that the trading volume of the token surged 27.31% in the last 24 hours, followed by a 1.95% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.0404, while the Market Dominance has risen to 41.97%. 

The daily candle for the token opened at a price of $42.3K and reached a daily high of $42.4K. On the other hand, the daily low for Bitcoin stands at a price of $41.8K. The price of 1 Bitcoin at the time of writing is $42.3K. 

Bitcoin price analysis for March 23 on the daily chart

Bitcoin price analysis for March 23 will make use of 3 indicators on the daily chart which will help us track the future price movement for the token.

Source: TradingView

The MACD indicator on the daily chart shows that the MACD line is above the signal line which means that chances of revisiting $43K are quite high.

The RSI indicator for Bitcoin shows a value of 56.47 which means that the buying pressure has surged as the line has started making higher highs. This means that higher prices will follow.

Moreover, the price action now aims to break out of the upper end of the Bollinger Bands but the chances of doing so depend on BTC breaking $45K.

Conclusion

Bitcoin price analysis for March 23 ends on a sluggish note for the token today as chances of BTC turning bullish are not very high.