Bitcoin close to losing $42K as support: Retest of $40K possible

Bitcoin price analysis for April 11, 2022, comes on a bearish note for today as the token is closer to losing the $42K price region as support which might be hard for the BTC bulls. Furthermore, the chances of BTC breaking above the $47K in the coming days seem quite low which has been the region of strong resistance. The Bitcoin price analysis for April 8, 2022, noted that the token had important support at $43K which failed to hold as bulls faded away.

The data from CoinMarketCap shows that the trading volume of the token jumped 23.57% in the last 24 hours, followed by a 1.4% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.02387, while the Market Dominance has risen to 41.10%. 

The daily candle for the token opened at a price of $42.1K and reached a daily high of $42.4K. On the other hand, the daily low for Bitcoin stands at a price of $41.7K. The price of 1 Bitcoin at the time of writing is $42K. 

Bitcoin price analysis for April 11 on the daily chart

Bitcoin price analysis for April 11, 2022, will take into account the data from the chart below which possesses a number of indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line is below the signal line which means that the bears have taken control as represented by the red MACD histogram. 

The RSI indicator reads a value below 43 which means that the bears are currently putting a lot of pressure on the Bitcoin token. 

The price action aims to break out from the lower end of the Bollinger Bands which means that investors can expect a $40K retest in the coming days.

Conclusion

Bitcoin price analysis for April 11, 2022, ends on a bearish note for the token as chances of retesting $40K are very high.