Bitcoin bears aim to pull prices below $43K as selling pressure surges

Bitcoin price analysis for April 7, 2022, ends on a bearish note for the token as the world’s biggest cryptocurrency has seen a surge in selling pressure as it was unable to push above $47K. It is also important for BTC to retain prices above the $43K price level, and traders can put their buy orders at the $41-$42K price zone. Furthermore, the Bitcoin price analysis for April 6, 2022, showed us that the chances of BTC breaking $50K have further dropped by a huge percentage.

The data from CoinMarketCap shows that the trading volume of the token jumped 13.99% in the last 24 hours, followed by a 4.18% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.04624, while the Market Dominance has risen to 41.34%. 

The daily candle for the token opened at a price of $43.1K and reached a daily high of $43.5K. On the other hand, the daily low for Bitcoin stands at a price of $42.7K. The price of 1 Bitcoin at the time of writing is $43.2K. 

Bitcoin price analysis for April 7 on the daily chart

Bitcoin price analysis for April 7 will consider the data from the chart below, which includes 3 of the biggest indicators on the chart below.

Source: TradingView

Bitcoin RSI reads a value below 50 which means that the selling pressure has surged by a huge amount, and investors can expect prices to drop further in the coming days. 

The MACD indicator shows that the MACD line and the signal line are very close to each other as we noted a bearish divergence on the daily chart, and the MACD histogram has turned bearish for Bitcoin.

The price action for Bitcoin has broken down to the bearish end of the Bollinger Bands, which means that the bears are dominating.

Conclusion

Bitcoin price analysis for April 7, 2022, ends on a bearish note for the token as the chances of losing $43K are very high.