Bitcoin aims to turn $47K into support as indicators remain bullish

Bitcoin price analysis for March 29, 2022, comes on a slightly bullish note as the token has been making huge strides over the past two weeks. It is also important to note that BTC has made significant gains and confirmed breaking into an uptrend. It is also a fact that as noted in our BTC price analysis for March 28, 2022, the BTC token reclaimed $46K after a surge in buying pressure hinting at a new all-time high in the near future. 

The data from CoinMarketCap shows that the trading volume of the token surged 16.93% in the last 24 hours, followed by a 0.96% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.03999, while the Market Dominance has dropped slightly to 42.15%. 

The daily candle for the token opened at a price of $47.1K and reached a daily high of $47.6K. On the other hand, the daily low for Bitcoin stands at a price of $47K. The price of 1 Bitcoin at the time of writing is $47.4K. 

Bitcoin price analysis for March 29 on the daily chart

Bitcoin price analysis for March 29 will take into account the readings from the daily chart below which has 3 major indicators on the daily chart integrated into it.

Source: TradingView

The RSI indicator reads a value of 70 which means that the bulls are in complete control and the gradient of the line suggests that Bitcoin has once again reached a strong resistance point. 

The MACD indicator shows that the MACD line and the signal line are quite far apart as the MACD histogram is also bullish with green bars. 

The price action for Bitcoin broke out of the upper end of the Bollinger Bands causing BTC to make a move towards the $50K price level. 

Conclusion

The Bitcoin price analysis for March 29, 2022, ends on a bullish note for BTC as chances of breaking above $50K seems quite high.