Bitcoin below $37.5K support: $34K incoming for BTC?

Bitcoin price analysis for Feb 22, 2022, shows that the token has broken below the important support of $37.5K, and the next aim would be to retest the $34K price level. Does this mean that the bull run has ended? Well, TheCoinRise is certainly bullish, but, as seen in our BTC price analysis for Feb 21, Bitcoin’s bearish fall continues to prevail.

The data from CoinMarketCap shows that the trading volume of the token surged 45.88% in the last 24 hours, hinting at a surge in bearish pressure while the market cap of the token declined by over 5.54%. The Volume / Market Cap Ratio currently stands at a value of 0.0425, while the Market Dominance of the token rests at 41.93%.

On the other hand, the daily candle for Bitcoin opened at a price of $37008 and reached a daily high of $37468. Meanwhile, the daily low for the candle stands at a price of $36445, while the price of 1 BTC at the time of writing is $36576.

Bitcoin price analysis for Feb 22 on the daily chart 

Bitcoin price analysis on the daily chart will be implemented using 3 major indicators that are very important for predicting the price action of a token.

Source: TradingView

The MACD indicator shows that the MACD line (blue) has broken below the signal line (orange) and continues to progress below it. This means that the token will continue dropping as the MACD histogram is also bearish. 

The RSI level shows that Bitcoin is nearing the oversold region and reads a value of 33.93. The gradient of the line is negative, meaning lower prices are possible. 

The price action is now aiming to break out of the lower end of the Bollinger Bands, which means that BTC might go as low as $30K if bulls don’t take charge. 

Conclusion

Bitcoin price analysis for Feb 22 confirms that if a similar scenario continues in the near future, the token might fall as low as $30K.