Bitcoin at $38K, fails $39K once again: Investors start losing hope

Bitcoin price analysis for March 14, 2022, confirms that the token has turned bearish after failing to hold support at the $39K price level. It is important to note that there are now increased chances of BTC falling to the $37.5K price level. On the whole, the bulls are slowly getting wiped out from the market and it seems that the chances of BTC losing $37.5K are also high. It was also noted in our BTC analysis for March 11 that $42.5K is another sticky area for the bulls.

The data from CoinMarketCap shows that the trading volume went up by 23.88% in the last 24 hours, followed by a 2.45% drop in the market cap which fell down to $722 billion. The Volume / Market Cap has a value of 0.0254, while the Market Dominance remains at 42.49%. 

The daily candle for the token opened at a price of $37.7K and reached a daily high of $38.3K. On the other hand, the daily low for Bitcoin stands at a price of $37.5K, an important support region. The price of 1 Bitcoin at the time of writing is $37.7K.

Bitcoin price analysis on the daily chart for March 14

Bitcoin price analysis for March 14 will the following indicator and figure out future price trajectory for BTC.

Source: TradingView

The RSI indicator shows a value of 44.48 while the gradient of the line is negative. This means that the chances of Bitcoin retaining $37.5K support are low. 

The MACD indicator shows that the MACD line has broken below the signal line as the MACD histogram remains bearish. Overall, bears are in control.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands which means chances of BTC reclaiming $40K are very low. 

Conclusion

Bitcoin price analysis for March 14 concludes on a bearish note for the token as $40K acts as major resistance for BTC while support at $37.5K retains for now.