Bitcoin back above $39,000 as chances of another drop remain high

Bitcoin price analysis for April 28, 2022, ends on a bearish note for the token with low chances of breaking $40K in the near future.
Bitcoin price analysis for April 28, 2022, ends on a bearish note for the token with low chances of breaking $40K in the near future.

Bitcoin price analysis for April 28, 2022, comes on a slightly bearish note for the token as it rose by nearly 2.70% in the last 24 hours. After dropping as low as $37,800, as noted in our BTC analysis for April 27, 2022, the world’s biggest cryptocurrency once again aims for the $40,000 price region. Unless BTC reclaims $42,000 in the near future, we can clearly confirm that the token is in a downtrend. An uptrend can only be confirmed if BTC breaks $42K and consolidates above $47K in the near future.

The data from CoinMarketCap shows that the trading volume of the token dropped 12.29% in the last 24 hours, followed by a 2.70% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04138, while the Market Dominance has surged to 41.56%. 

The daily candle for the token opened at a price of $39.2K and reached a daily high of $39.6K. On the other hand, the daily low for Bitcoin stands at a price of $39.1K. The price of 1 Bitcoin at the time of writing is $39.4K. 

Bitcoin price analysis for April 28 on the daily chart

Bitcoin price analysis for April 28, 2022, comes on a slightly bullish note for the token with high chances of losing $39K as support.

Bitcoin price analysis
Source: TradingView

The MACD indicator shows that the MACD line and the signal line are once again moving closer to each other as the histogram also remains bearish. 

The RSI indicator reads a value below 44 which means that the Bitcoin bulls are once again trying to push the bears out of the market.

The price action for Bitcoin failed a retest of the middle zone of the Bollinger Bands but has once again set said towards the same.

Conclusion

Bitcoin price analysis for April 28, 2022, ends on a bearish note for the token with low chances of breaking $40K in the near future.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.