Bitcoin consolidates above $47K as prices turn sluggish

Bitcoin price analysis for March 30, 2022, confirms a bullish trajectory for the token as chances of BTC breaking into the $50K price zone seem low. Moreover, the indicators remain bullish for the token as the entire market seems to have turned bullish following a number of bullish daily candles. The BTC price analysis for March 29, 2022, confirmed that $47K is holding strong support for now. 

The data from CoinMarketCap shows that the trading volume of the token dropped 8.13% in the last 24 hours, followed by a 0.18% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.03651, while the Market Dominance has dropped slightly to 42.17%. 

The daily candle for the token opened at a price of $47.4K and reached a daily high of $47.5K. On the other hand, the daily low for Bitcoin stands at a price of $46.5K. The price of 1 Bitcoin at the time of writing is $47.4K. 

Bitcoin price analysis for March 30 on the daily chart

Bitcoin price analysis for March 30, 2022, will take into account the readings from the indicators placed in the daily chart below. These have indicators are very important for our analysis.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very far apart and the condition remains bullish for Bitcoin. It is also important to note that the MACD indicator remains bullish.

The RSI indicator shows a value of 70 which indicates that soon the prices might enter the overbought region and the gradient of the line suggests that higher prices are possible. 

Moreover, the price action for Bitcoin has broken out from the upper end of the Bollinger Bands which confirms that bulls have taken over and chances of breaking above $47K seem high.

Conclusion

The Bitcoin price analysis for March 30, 2022 ends on a bullish note for the token as BTC consolidates above the $47K price level.